《大行》大摩調整部分內地消費品股目標價 H&H(01112.HK)有較高重評可能性
大摩發表報告,調整部分內地消費品股目標價。在獲該行「與大市同步」評級內地消費品股中,認為H&H國際控股(01112.HK)有較高的重新評級的可能性。
該行對恆安國際(1044.HK)目標價由24元降至21元,評級「與大市同步」,預計衛生巾銷售受新興品牌及線上和直播促銷的壓力,令上半年公司銷售下降15%至20%。考慮到衛生巾是公司主要盈利來源,若下半年持續疲軟,明年盈測可能面臨進一步下調風險。該行降恆安國際今明兩年收入預測分別2%及1%,純利預測降18%及13%。
該行對H&H目標價由11.5元升至13.4元,評級「與大市同步」,認為下半年奶粉基數較低,且1-2階段奶粉產品需求強勁,預計未來幾季表現改善。該行降H&H國際今明兩年收入預測分別11%及10%,純利預測降29%及25%。
該行對高鑫零售(06808.HK)目標價由2.4元降至2.3元,評級「與大市同步」,預期2026財年同店銷售增長穩定或輕微正增長。另外,新控股股東上場後,股東回報計劃和新店模式可能成為股價驅動因素。該行降高鑫今明兩年收入預測分別1%及3%,純利預測則分別降2%及上調5%。
該行對周黑鴨(01458.HK)目標價由1.5升至2.4元,評級「與大市同步」,消費降級及零食或街頭食品競爭加劇,核心產品市佔率有下降風險。該行降周黑鴨今明兩年收入預測分別19%及15%,純利預測則分別降17%及輕微上調1%。
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