《大行》瑞銀微升恆安(01044.HK)目標價至27.7元 衛生巾業務受壓
瑞銀髮表研究報告指,恆安國際(01044.HK)管理層提到,去年紙漿價格下跌,但今年預計將保持穩定,加上推廣費用達到高峯,而高端產品表現提升,預期紙巾業務的毛利率將恢復至20%以上,並預計分部經營虧損率將按年收窄。集團管理層透露,本年至今集團的紙巾業務銷售增長中個位數,且盈利能力有所改善。
至於衛生巾業務,報告引述管理層指本年度的表現未見改善,收入或按年下跌雙位數。管理層期望業務可在今年下半年復甦,惟預計全年收入仍會下滑。由於收入規模下降及品牌競爭,預計業務的毛利率將降至60%以下,經營溢利率或降至約30%。
該行輕微調整對公司盈測,將集團目標價由27元微升至27.7元,續予「買入」評級。
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