里昂微升申洲(2313.HK)目标价至130港元评级“买入”
里昂发表研究报告,指申洲国际(02313.HK)上半年收入虽略逊预期,但留意到其员工数目大增和成品库存数据,在产能付运面对高基数下,仍为投资者带来信心。随着成本压力缓和、不再出现一次性开支、及在地域、产品种类产能添置上更具合理性,以及客户基础扩张,该行看到对申洲持乐观看法的理由。

该行降申洲2019至2021年盈测介乎4%至5%,部分由於成本增加及今年上半年零售业务亏损高於预期;但上调估值基础,由明年预测市盈率由24倍扩大至26倍,反映产能付运及展望优於预期,以及在获得新客户/产品种类上更具合理性,目标价由129港元微升至130港元,维持“买入”评级。
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