《大行報告》美銀證券下調思摩爾國際(06969.HK)目標價至40元 評級「買入」
美銀證券發表研究報告指出,思摩爾國際(06969.HK)去年業績與早前披露的盈喜大致相符,公司下半年尤其是美國市場業務放緩。該行預期,今年公司於中國市場的銷售額因受當局監管而將大幅下降,而海外的英美菸草公司(BAT)將成爲關鍵的增長動力,因其目標至2025年新型菸草銷售翻一番。
該行指出,思摩爾國際目標今年一次性電子煙增長加速,雖然該行預期公司淨利率短期內受壓,但相信長期競爭優勢可能因對研發的承諾而有所加強。該行將公司2022及2023年每股盈利預測下調19%及18%,目標價由48.8元降至40元,重申「買入」評級。
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