研報掘金|中金:上調中煙香港目標價至16.5港元 盈利預吿好過預期
中金髮表報吿指出,中煙香港預期上半年收入按年增長不低於10%,淨利潤增長不低於30%。公司盈利預吿好過該行預期,主要由於其捲煙出口業務快速增長、煙葉進口業務持續增長。該行估計,隨着中煙香港捲煙出口等業務快速增長、自身Alpha強化,今年上半年業績有望在高基數背景下延續快速增長,看好公司獨家牌照的唯一性與作為中煙旗下國際資本運作平台的稀缺價值,中長期有望內生+外延多業務協同崛起。
該行考慮中煙香港捲煙出口等業務快速增長,上調其今明兩年盈利預測16%及13%,至7.7億與8.4億元,現價對應今明兩年預測市盈率12及11倍。該行維持“中性”評級,基於盈利預測調整與公司捲煙出口等業務經營alpha逐步凸顯,上調目標價29%至16.5港元,對應今明兩年預測市盈率15與14倍。
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