瑞银发表报告，将思摩尔(06969.HK) 评级由“中性”下调至“沽售”，主要是由于估值偏高，以及对其核心客户英美烟草BAT新推出的不烧热(HNB)产品的盈利贡献持相对保守的看法。在BAT宣布推出全新HNB产品后，思摩尔股价已上涨约35%，显示投资人看好其前景。
不过，瑞银预期BAT将于今年下半年正式推出这项新产品，而实际成果可能要到明年以后才能观察到。目前思摩尔股价为2025年市盈率约42倍，相较于全球烟草业平均11倍的2025年市盈率，以及中国消费业同业34倍的市盈率，认为思摩尔股价被高估。该行对思摩尔盈利预测比市场预测低9%至11%。该行将思摩尔目标价由7.5元升至10.72元。(ha/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-10 12:25。)
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