《大行報告》花旗下調H&H國際控股(01112.HK)目標價至29.3元 評級「買入」
花旗發表報告,指H&H國際控股(01112.HK)今年第三季按同類比較基準銷售下降1%,比預期差,主要是由於成人營養及護理用品(ANC)於中國銷售和嬰幼兒配方奶粉(IMF)銷售的下降。
該行指,雖然H&H國際控股管理層預計經過第三季臨時渠道去庫存後,ANC中國的銷售在第四季度將出現轉機,但監於基數較高,花旗預計公司第四季旗下IMF銷售跌幅仍將大於第三季。
公司管理層預計全年收入增長將與首九個月趨勢一致,而明年收入將恢復至雙位數增長,花旗估計爲11%以上。雖然盈利勢頭疲軟,但指H&H國際控股現估值相當2022年預測市盈率9倍的仍具吸引力,維持「買入」,目標價就由33.8元下調至29.3元。
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