《大行》瑞銀降思摩爾(06969.HK)目標價至13.11元 短期盈利能力因研發支出受壓評級「沽售」
瑞銀髮表報告指,思摩爾國際(06969.HK)中期淨利潤下跌,大部分基於股權報酬增加及銷售與開發支出增加,以及稅率上升影響。管理層對下半年收入持續增長樂觀,基於美歐對電子煙有利政策,但公司短期盈利能力仍受更多研發支出影響,因公司正預備在美國推出自家產品。據管理層指,新業務板塊如加熱煙、吸入療法和美容霧化產品等的更具體財務成果,將在2027年反映。
該行下調對公司今年至2027年盈利預測介乎10%至33%,反映更高銷售、推廣及研發支出,目標價由14元降至13.11元,維持「沽售」評級。
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