中信里昂发布研报称,维持H&H国际控股(01112)“跑赢大市”评级,将目标价下调至10港元。公司已于1月25日赎回了其票面利率为13.5%的3亿美元高级票据,并以票面利率较低的取代。该行预计公司将在2024年削减股息,以加速偿还债务。
中信里昂指出,由于婴儿配方奶粉(IMF)销售改善,以及双十一销售节良好表现支撑成人营养及护理产品(ANC)销量强劲增长,H&H的婴儿营养及护理产品(BNC)销量降幅将较2024年第三季跌幅收窄。展望未来,预计2025年销售将复苏,但认为EBITDA利润率将面临一定压力,主要是因为为支持销售扩张而增加广告宣传支出。
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