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花旗:下調H&H國際控股(1112.HK)目標價13% 第三季銷售遜預期
格隆匯 11-17 15:40

花旗發研報指,H&H國際控股(1112.HK)第三季銷售下降1%,遜於預期,主要是由於中國成人營養及護理用品(ANC)及嬰兒配方奶粉(IMF)銷售下跌。該行預期,由於高基數,與第三季比較,第四季集團的IMF銷售下滑幅度將會擴大,又料2022年寵物營養及護理用品(PNC)併購的更高融資成本將對淨利潤率構成壓力。不過,該行指出,儘管集團盈利勢頭疲弱,但亦具吸引力,維持其“買入”評級,目標價由33.8港元下調13.3%至29.3港元。

花旗在報吿中提到,H&H的管理層預期,嬰兒營養及護理用品(BNC)的EBITDA利潤率有壓力,是由於原材料價格上升及不利的銷售組合,而ANC的EBITDA利潤率則預期達高單位數增長。PNC方面,管理層預計的EBITDA利潤率將在三年內擴大增長至中高單位數水平。

花旗下調H&H國際2021-23年純利預測13至14%,以反映BNC及PNC的EBITDA利潤率預測下滑,又預期核心純利在2022及2023年分別潛在增長6%及17%前,今年將下降10%。

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