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汇丰降申洲(2313.HK)评级至“持有”目标价上调至120港元
格隆汇 08-27 11:01
汇丰发表研究报告,指申洲(2313.HK) 上半年纯利按年升11%,收入增长达12%,主要受惠于中国业务表现强劲(按年升23%)。若不计零售业务影响,收入及纯利将按年升约14%。该行指,在主要的纺织品制造商中,申洲似乎可以顺利扩张产能,主要归功于其强大的中国业务(上半年有30%收入来自中国)。该行又指,随着越南新工厂刚开始运营,料公司产能将持续扩张。
此外,汇丰指公司来自四大客户的收入于上半年升18%,跑赢该等公司过去两季的收入增长,反映公司于行内地位稳固,可受惠于长远行业整合。该行将申洲2019-2020年纯利预测下调9-10%,以反映短期毛利率受压;目标价由109港元升至120港元,评级由“ 买入 ”降至“ 持有 ”,反映估值合理,进一步重估空间有限。
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