《大行報告》大和降思摩爾國際(06969.HK)目標價至6元 英國擬禁用一次性電子煙正面
大和發表研報指,多家媒體近日報道英國或將宣布在當地禁用一次性電子煙的計劃,以應對青少年吸食電子煙人數上升的問題,假設計劃全面實施,認為對思摩爾國際(06969.HK)有長期正面影響,預期將令部分用戶改為購買煙彈式電子煙,除利潤率更高外,思摩爾亦在該細分市場擁有領先市場地位。
大和估計,英國市場一次性電子煙僅佔思摩爾2023年分部業務收入約4%,目前潛在禁令所帶來的風險有限,同時考慮到一次性電子煙佔當地市場份額逾80%,相信該公司英國市場收入和利潤有很大的上升空間。
該行預期,禁令最快將於2025年生效,短期內對思摩爾盈利影響有限,因應研發開支或維持高企,將2024至2025年每股盈利預測下調8%至9%,目標價由6.8元降至6元,評級維持「跑贏大市」。
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