美银美林升申洲(2313.HK)目标价至120港元重申“买入”评级
美银美林报告指申洲(2313.HK)
上半年业绩表现参差,主因非核心因素扭曲了表面数字,而其核心代工表现则大致符预期,有关业务量和产能扩张较指引为佳,产品均价和利润率则稍低于预期。
该行将目标价略升2%至120港元,以反映较高自由现金流预期。
该行认为申洲是消费板块的核心持股,因全球运动服需求稳定,而公司的研发优势、交付快速、垂直综合、自动化、企业社会责任等,都有助公司在可预见下继续增加市占率,不过在产能上的樽颈是公司主要的限制,料2020年下半年起产能扩张会逐渐加快,届时东盟地区有新的产能加入,重申“
买入
”评级,目标价由117.5港元升至120港元。
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