《大行報告》大和下調維達(03331.HK)目標價至28.1元 評級「買入」
大和發表報告表示,維達國際(03331.HK)截至去年12月底止全年純利16.38億元,按年跌12.6%,較該行預期低9%,由於2021年第4季度市場推廣費用高於預期,以及毛利率按年略有下降。
該行將維達2022至2023年每股盈利預測下調3%至5%,但由於推廣增加可能帶來更高的收入增長,將收入預測上調4%至5%,其目標價相應由29.5元下調至28.1元,重申「買入」評級,主因其毛利率和估值似乎均處於谷底水平,預計2022年下半年可能會反彈。
大和補充,管理層預計今年單位紙漿成本將按年小幅上升,維達預計高端市場將成為未來推動銷售均價的主要動力。
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