瑞银：下调恒安国际目标价至28.1港元

Core Viewpoint - UBS reports that despite an increase in market share for Hengan in the tissue paper sector, a decline in sales revenue may be attributed to increased promotional expenses leading to pricing pressure on products [1] Group 1: Sales and Revenue - Management expects stable sales and profits through 2025, with slight growth anticipated in tissue and diaper businesses, while sanitary napkin sales are projected to decline modestly [1] Group 2: Earnings Forecast and Target Price - UBS has revised down Hengan International's earnings forecasts for 2024 to 2026 by 10% to 17% and has lowered the target price from HKD 31.3 to HKD 28.1, while maintaining a "Buy" rating [1]