汇丰研究下调裕元(0551.HK)目标价至22港元维持“持有”评级
汇丰研究发表报告,指裕元(00551.HK)上半年核心盈利按年跌12%,收入升6%则被制造业务利润受压所抵销。该行提到,集团两项业务表现大不同,其中,制造业受生产迁移影响,令经营溢利下跌;零售业务则受宝胜(03813.HK)收入增长12%带动,经营溢利有所提升。

该行预期,零售业务受内地运动服饰增长带动,维持高速的收入增长,加上营运效率提升,料可支持其收入和利润扩张。该行关注收入占比达60%的制造业务,料其会继续受压,令利润下降。
该行又指,中期息40仙是与去年数字相若,预期未来派息升幅有限,主因公司需要就生产升级持续投资,以及维持负债比率。该行下调集团2019-20年盈测25%至26%,以反映经营溢利下跌,目标价由24.6港元降至22港元,相当于2020年市盈率预测13倍,维持“持有”评级。
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