大摩发布研究报告称，予（01044）“与大市同步”评级，目标价40港元，去年下半年盈利疲弱，估值已降至预测2022年市盈率约10倍，预计股价30日内将上升，发生此概率约70%到80%。
该行认为，推动恒安股价回升的催化剂包括3月份纸巾的提价和促销减少，将提价约10%，这将有利于其收入和毛利率；今年上半年毛利率可能会从去年下半年的低位回升，受制浆成本降低和定价上涨的推动。到2022年，管理层计划继续增加广告和品牌推广预算，同时减少渠道推广，由于第二季疫情扰乱消费，市场可能再次偏好消费板块中的价值股。
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