野村降晶苑(2232.HK)目标价至3.8港元维持“中性”评级
野村发表研究报告称,晶苑国际(02232.HK)上半年收入同比下降4.7%,主要受中国的产能减少,及产能迁出中国。该行下调其目标价15.6%至3.8港元,维持“中性”评级。

该行表示,美国市场仍是晶苑的主要市场,在中国以外地区的产能未开始前,美国的客户也会削减订单。集团正进行产能迁移计划,会继续在下半年损害盈利能力,而管理层预期迁移产能将在2020年初完成。为反映集团的疲弱销售及毛利率,该行下调其2019-20财年盈利预测19%。
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