《大行报告》瑞信下调德昌(00179.HK)评级至「中性」目标价降至18.4元
瑞信发表研究报告指,德昌电机(00179.HK)2020年度首季收入7.67亿美元,按年跌12%,低於市场预期。不计及2,700万美元汇兑亏损,首季自然收入按年跌9%至7.94亿美元。而收入按年跌12%,亦是过去五年最大季度跌幅。
报告指,考虑到收入增长低於预期,将德昌2020至2022年度盈利预测降低12%至17%,至到2.25亿美元、2.36亿美元及2.38亿美元。另外,基於预计第二季收入按年跌6%,以及上半年业绩令人失望,盈利料跌29%至1亿美元,瑞信料该股股价短期仍然疲弱,故将评级由「跑赢大市」下调至「中性」,目标价由19.8元降至18.4元。
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