《大行報告》大和下調H&H國際(01112.HK)目標價至22.6元 評級「買入」
大和發表報告,H&H國際(01112.HK)管理層指,最近嬰兒配方奶粉的事件可能會加速明年的市場整合。該行將目標價由28元下調至22.6元,評級「買入」。
報告指,雖然今年嬰兒營養護理業務收入仍受壓,首九個月該業務收入按年下降2.2%,但料明年收入可能會改善,由行業整合和來自山羊奶嬰兒配方奶粉和Healthy Times等超高端系列產品的增長所帶動。該行認為,H&H國際的高端品牌可能會受惠於小品牌的淘汰,以及最近雅培宣布退出內地嬰幼兒營養品市場售。
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