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《大行》美銀證券升思摩爾國際(06969.HK)目標至9.2元 維持「跑輸大市」
阿思達克 07-17 09:36
美銀證券研究報告指,思摩爾國際(06969.HK)發盈警,預期上半年收入按年增長18%,經調整溢利介乎倒退9%至增長4%。該行認為表現符合全年收入正增長及經調整溢利持平的指引,意味下半年收入較弱;收入增長主要來自自有品牌業務和企業客戶業務,次季趨勢與首季相若,但利潤則受到拖累,原因包括股份支付費用增加、自有品牌產品於海外市場的銷售及管理費用上升,以及法律費用大幅增加。該行預期費用比率上升的趨勢會持續至下半年,繼續抑壓盈利。 報告提到,投資者對加熱不燃燒(HNB)業務仍持樂觀態度,去年11月公司推出的新產品GloHilo於今年6月在日本仙台試賣,並將擴展至日本其他城市及歐洲,將會是短期催化劑。但該行認為HNB產品滲透率的能見度、GloHilo獲取市場份額的舉措及公司潛在利潤緩衝空間仍然較低。因此,HNB產品仍需時才能有實際利潤貢獻。該行將2025及26年每股盈利預測分別下調11%及19%,將目標價從8元上調至9.2元,維持「跑輸大市」評級。
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