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《大行報告》大和上調思摩爾(06969.HK)目標價至65元 評級「買入」
阿思達克 12-03 09:48
大和發表報告,內地諮詢電子煙管理辦法對思摩爾(06969.HK)等主要行業參與者影響積極,重申思摩爾「買入」評級,目標價由55元提高至65元。 大和指,正如該行之前所預期,新規則在很大程度上遵循了傳統香菸在生產、批發和零售方面的許可程序,認爲這些規則與美國菸草產品上市前申請(PMTA)類似,都是爲了有利於主要參與者,並將刺激品牌、生產商和零售商的行業整合。 另外,大和指,新規則希望通過建立一個新的全國性的電子煙交易平臺,來控制國內所有的電子煙銷售和生產,所有的行業參與者都必須使用該平臺,認爲這可以爲有效的稅收過程奠定基礎。但參與者獲得許可證的困難程度和額外消費稅的水平就未有提及。而隨着對電子煙行業控制的加強和更多的行政程序,料電子煙行業在中國的整體增長速度可能比前幾年要慢。
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