智通财经APP获悉，瑞银发布研报称，恒安国际(01044)管理层提到，去年纸浆价格下跌，但今年预计将保持稳定，加上推广费用达到高峰，而高端产品表现提升，预期纸巾业务的毛利率将恢复至20%以上，并预计分部经营亏损率将同比收窄。集团管理层透露，本年至今集团的纸巾业务销售增长中个位数，且盈利能力有所改善。该行轻微调整对公司盈测，将集团目标价由27港元微升至27.7港元，续予“买入”评级。
至于卫生巾业务，报告引述管理层指本年度的表现未见改善，收入或同比下跌双位数。管理层期望业务可在今年下半年复苏，惟预计全年收入仍会下滑。由于收入规模下降及品牌竞争，预计业务的毛利率将降至60%以下，经营溢利率或降至约30%。
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