《大行報告》摩通下調互太紡織(01382.HK)目標價至6.9元評級「中性」
摩根大通發表研究報告,指互太紡織(01382.HK)截至今年3月底止2019下半財年的收入及純利,分別較預期低出12%及21%,主要是受到冬季氣溫暖和,來自優衣庫(Uniqlo)的訂單低過預期所拖累。因此,該行將互太2020至2021財年的純利預測下調12%至13%,因為預期銷量在持續的溫暖冬季中將會繼續疲弱。
另外,管理層指出,越南新工廠的土地談判進度被推遲,這亦解釋了2019財年的派息比率增加,預期公司將會在2020至2022財年面臨產能限制,屆時將不會有來自任何新工廠的重大銷售貢獻。
摩通又指,雖然對互太紡織的保守產能擴張政策持審慎態度,但對其與東麗合作及其9%股息收益率感正面,認為公司可以通過利用東麗的創新能力擴闊自身的客戶群。摩通維持予互太「中性」投資評級,目標價由8元降至6.9元。
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