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《大行報告》大和升思摩爾(06969.HK)評級至「跑贏大市」 目標價下調至6.8元
阿思達克 10-17 09:58
大和發表報告指出,思摩爾(06969.HK)第三季業績符合預期,期內淨利潤4.67億元人民幣,按季增長3.1%,達到該行對公司下半年盈利預測的55%。 此外,思摩爾披露美國食品藥品監督管理局(FDA)對Vuse電子煙產品發出營銷拒絕令(MDOs),MDOs臨時行政暫緩已經獲得批准,因此薄荷醇口味產品的營銷及分銷在美國可以繼續。而對於Vuse在美國的薄荷醇禁令,公司指該部分約佔集團於去年1月1日起至今年9月30日止的收入約13%。 該行重申,即使Vuse的薄荷醇口味產品最終被美國禁止,也將是一個漫長的過程,足以讓Vuse將其薄荷醇口味用戶轉為煙草口味用戶。鑑於NJOY和Logic的煙草口味產品(均由思摩爾供應)已獲得批准,該行仍然有信心Vuse的煙草口味產品在未來幾周內獲得批准,從而成為思摩爾的近期催化劑。 考慮到Vuse薄荷醇口味產品美國禁令的潛在影響,該行將思摩爾2024至2025年盈利預測下調13%至16%。另認為公司最壞的情況可能已經結束,是時候重新考慮作部署,對其評級由「持有」上調至「跑贏大市」,目標價由8元下調至6.8元。
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