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《大行》花旗升恆安(01044.HK)目標價至22.3元 衛生巾業務仍然受壓
阿思達克 07-16 11:00
花旗發表研究報告,預計恆安(01044.HK)第二季的表現按季仍然疲弱,雖然紙巾的銷售和利潤率有所回升,但衛生巾的銷售和利潤率仍因競爭而受壓,並料競爭遠遠未會結束。 紙巾業務方面,該行表示,由於銷量增長及均價持平,預計上半年的銷售額將增長4%。鑑於紙漿成本下降、穩定的價格推廣及產品組合改善,料業務毛利率將由去年上半年的19.6%,改善至今年上半年的22%。至於衛生巾業務的銷售則料降15%,預計毛利率跌至61%。 該行預期,恆安上半年收入將下跌1%,淨利潤則料錄高個位數字跌幅。由於下半年或會因低基數而有所改善,導致全年銷售和盈利持平。該行維持集團「中性」評級,目標價由22.1元升至22.3元。
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