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《大行報告》大摩削H&H國際控股(01112.HK)目標價至16元 評級「與大市同步」
阿思達克 12-02 09:58
大摩發表研究報告指出,H&H國際控股(01112.HK)2021年第三季的嬰幼兒營養及護理(BNC)業務銷售表現疲弱,按年跌3%,主要由於低出生率加劇市場競爭。成人營養及護理(ANC)方面,第三季中國活躍銷售額有所放緩,但澳洲及新西蘭市場於今年首九個月出現好轉,錄得銷售額按年增長4%。此外,該行指公司收購Zesty Paws將豐富公司的寵物營養及護理(PNC)業務的產品組合,有助其於美國及中國寵物市場處於有利地位。 該行指出,監於H&H國際於BNC及ANC業務均面臨挑戰,預期2022年該兩個業務的銷售額增長3%。而產品組合及分類組合的變化,以及增加的槓桿,或令公司利潤持續受壓。該行將公司2021至2023財年的銷售預測分別下調4%、4%及7%,淨利潤預測分別下調15%、25%及30%。 雖然該行認爲H&H國際的估值不高,處於3年低位,但尚未看到其盈利增長足以恢復至復甦的程度,估計2021至2023財年的銷售額複合年均增長率爲8%,惟盈利複合年均增長率僅爲3%,維持「與大市同步」評級,目標價由34元削至16元。
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