繁
简
繁
|
简
Login
Securities(Cash/Margin)
Futures/Options
Asset Management
CPMS
About CFSG
Our Professional Teams
Media
Total Caring Organisation
Awards
Careers
Account Opening
Fees & Commissions
Forms & Documents
Fund & Stock Deposit/Withdrawal
FAQ
Contact Us
CASH Financial Services Group
Open Account
繁
|
简
Our Services
Our Services
Personal Services
Private Wealth Management
Asset Management
Institutional Wealth Management
Family Office
Integrated Account
Prime Wealth Management
Elite Wealth Management
Products
Securities
IPO Subscription
Funds
Money Market Fund
Bonds
Futures & Options
Prime Brokerage
HK Stock Investment Advisory
Support
Open Account
Trading Platform
Research
eDDA
HK Stock Margin Ratio
Exchange Rates
Protection Plans
Insurance
Retirement Planning
MPF
Overseas Properties
Canada
UK
Australia
Immigration & Education
UK
Canada
Hong Kong
Services
Discretionary Account
CPMS
CASH Prime Value Equity OFC
Support
Fund Manager Insights
Services
Business Finance
Secretarial Services
Bookkeeping and Statutory Compliance Services
Hong Kong and Mainland China Tax Services
Banking Services
Cash Management
Financial advisory
Group Insurance and Employee Benefits
Cross-selling with Pricerite
Personal Services
Private Wealth Management
Asset Management
Institutional Wealth Management
Family Office
Back
Integrated Account
Prime Wealth Management
Elite Wealth Management
Products
Securities
IPO Subscription
Funds
Money Market Fund
Bonds
Futures & Options
Prime Brokerage
HK Stock Investment Advisory
Support
Open Account
Trading Platform
Research
eDDA
HK Stock Margin Ratio
Exchange Rates
Back
Protection Plans
Insurance
Retirement Planning
MPF
Overseas Properties
Canada
UK
Australia
Immigration & Education
UK
Canada
Hong Kong
Back
Services
Discretionary Account
CPMS
CASH Prime Value Equity OFC
Support
Fund Manager Insights
Back
Services
Business Finance
Secretarial Services
Bookkeeping and Statutory Compliance Services
Hong Kong and Mainland China Tax Services
Banking Services
Cash Management
Financial advisory
Group Insurance and Employee Benefits
Cross-selling with Pricerite
Promotions
Customer Support
Open Account
Register at anytime and anywhere with three simple steps
Information
FAQ and useful information
Forms & Documents
Download forms and documents
Contact Us
Get in touch with us through different channels
About Us
Join Us
Customer Services
Customer Services
Open Account
Forms & Documents
Fees & Commissions
Fund & Stock Deposit/Withdrawal
FAQ
Contact Us
繁
|
简
Please be advised that CFSG has revised its Terms and Conditions effective on 13 May 2024. The latest version is CFSG Terms & Conditions - Version 20.
WhatsApp
Facebook
WeChat
基金經理觀點
> 正文
恒安國際毛利率亮眼,目標價35.6港元
3/12/2024 10:17:36 AM
恒安國際 (01044.HK) 在國內製造和銷售個人衛生產品,如衛生巾和一次性嬰兒尿片、成人尿片、衛生紙和濕紙巾等。公司多年來一直保持著15%以上的利潤率,去年下跌是由於原材料價格上漲,但管理層已盡力改善。對於一個銷售個人衛生產品的零售商來說,可以創造近20%的EBITDA利潤率,這讓人留下了深刻的印象。
恒安的紙巾業務在2023年1H的銷售額中佔比59%,並可能引領長期增長,預計2022-25年間的收入將每年增長6.5%以上。公司正在推出更多增值產品,以搶佔高端市場的消費,而這些產品銷售貢獻亦會有所增加,並維持公司的毛利率在35%左右。一次性尿片和衛生巾的銷售可能會擴大約1.5-2%;木漿價格下降和高利潤產品銷售增加會使紙巾業務毛利率從2022-25年擴大3-4個百分點。
基於折現現金流估值模型,假設貝塔數(Beta)為0.65,無風險利率為3%,權益成本為10%,終端增長為1%,目標價大約35.6港元。長期投資者可以此機會,作為防禦性投資。
黃偉棠
時富時富金融研究部
於香港和美國金融服務業擁有超過20年豐富經驗,擅長於投資、基金管理、資產管理、股票研究等多個範疇。持有美國加州柏克萊大學和香港大學多個碩士及學士學位、亦為註冊會計師 (CPA)、特許金融分析師(CFA),以及大學高級講師。
Back to Top