《大行報告》大摩申洲(02313.HK)中期業績遜預期毛利率令人失望
摩根士丹利發表報告表示,申洲國際(02313.HK)上半年錄純利24億人民幣按年升11%,若撇除零售業務虧損後則升13%,較該行預期低5%,但符合市場預期,主要受體育服裝(升19%)、中國市場(升23%)及美國市場(升19%)所推動。
該行指,申洲國際上半年錄毛利率30.9%,按年下跌1.4個百分點,低於該行及市場原預期的32.4%及32%,指表現令市場失望。而該行予其「增持」投資評級及目標價120元,此相當2019年下半年至2020年上半年市盈率27倍。
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