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汇丰下调海尔电器(1169.HK)目标价至20港元评级“持有”
格隆汇 08-01 11:48

汇丰研究发表报告指,海尔电器(01169.HK)将于8月29日公布中期业绩,上半年表现并未反映其分拆物流业务的表现,拆计划会於第三季起执行,其後会追溯至上半年,预期上半年核心经营溢利会以单位数增长,约1-2%,主因收入跌2%,预期经营溢利利润率会扩大40点子,主因增值税减免,纯利增5-7%,主因非经营项目带动。

该行指,公司全年收入指引增长介乎0-5%,而核心盈利增长为高单位数至10%,并相信公司将调低全年预期至预期的低端。拆物流业务分拆後,预期经营溢利下半年升6.7%,收入升13.1%。税後出售利润为32.27亿元人民币,会於下半年入账,全年盈利达35.57亿元人民币。

该行预期公司2019-21年经营溢利的年复合增长率为8.6%,现价相当於2020年市盈率12倍,较平均13.5倍为低,相信目前估值合理,除非其经营溢利增长可以回复至2016-18年的水平,重申“持有”评级,目标价由20.4港元降至20港元。

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