《大行報告》大和下調恆安(01044.HK)目標價至34元 評級「跑贏大市」
大和發表研究報告指,恆安(01044.HK)上半年核心收入按年增長15%至110億元人民幣,但經常性淨利潤跌14%至14億元人民幣,主要是由於投入成本壓力導致毛利率下跌4個百分點至31%。
報告指,由於新零售和零售業務的強勁表現,恆安紙巾業務收入按年增23%至71.7億元人民幣,新零售及線上渠道中跑贏維達(03331.HK)11.5%的自然增長率。管理層預計,公司下半年收入將會持續增長,而盈利將在兩年內首次轉爲正增長。
該行預計,在2023至24年,全球紙漿供應量將超過下遊需求的增長,對集團紙巾業務利潤率的穩定復甦來說是個利好因素。該行下調集團2023至25年的每股盈測5至8%,以反映毛利率復甦較預期慢,目標價由36.5元下調至34元,重申「跑贏大市」評級。
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