《大行報告》美銀證券降思摩爾(06969.HK)目標價至5.4元 去年收入遜
美銀證券發表報告指出,思摩爾(06969.HK)去年收入按年跌8%至112億元人民幣,較預期低8%,主要由於電子煙和一次性產品銷售差過預期;稅後純利按年跌34.5%至16.5億元人民幣,大致符合預期。
該行認為,思摩爾今年中國銷售已處於低谷水平,預期在一次性產品、自有品牌產品和大麻二酚(CBD)產品的推動下,預期集團銷售將轉正,儘管電子煙銷售可能再次小幅下跌。而在毛利率預期較低、營銷開支增加以及對醫保/加熱不燃燒產品(HNB)研發投資持續下,該行料思摩爾盈利按年大致持平。
此外,該行將思摩爾今明兩年經調整每股盈利預測下調15%及12%,目標價由6.3元降至5.4元,維持「跑輸大市」評級,認為公司盈利能力可見度低,對電子煙及一次產性品的監管不利因素,以及預測今年市盈率達23倍的股值較高。
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