《大行報告》大摩降H&H國際(01112.HK)目標價至12元 雅士利(01230.HK)升價至0.68元
摩根士丹利發表研究報告指出,H&H國際(01112.HK)寵物營養及護理(PNC)業務擴張,以及成人營養及護理用品(ANC)業務穩定,將有助公司提升今年收入增長。但出生率前景暗淡及競爭激烈,可能令毛利高的嬰幼兒營養及護理(BNC)業務面臨挑戰。
該行認為H&H國際對新業務的投資,與更高的財務槓桿,亦可能拖低公司盈利能力。雖然公司估值處於歷史低位,但缺乏重新提高利潤的催化劑,維持「與大市同步」評級,目標價由16元降至12元。
此外,摩根士丹利指出,隨著成人奶粉業務的快速增長貢獻雅士利(01230.HK)大部分銷售額,公司應較嬰兒配方奶粉同業實現更好的收入增長。不過,成人奶粉的毛利較低,亦可能拖累雅士利的毛利。維持對其「減持」評級,目標價由0.52元上調至0.68元。
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