瑞银:升耐世特(1316.HK)评级至“中性” 目标价下调至7.1港元
瑞银发表研究报告称,耐世特(01316.HK)增长受限,主因全球汽车生产转弱,北美客户平台转换所致。预期由2020年开始内地逐渐恢复,以及美国上升持平,预期公司盈利难以有明显复苏。而在无自然增长的机会下,预期公司股份走势会受中美两地汽车市场影响,目前估值合理,与其他同业一致,目标价由7.7港元降至7.1港元,以反映上半年的盈利,但评级由“沽售”升至“中性”,因目前股价已反映下行风险。

该行表示,不预期公司盈利会于短期内复苏,收入于今年下半年及明年上半年难以维持,预期中国的产量会下降,加上通用汽车平台的转换也为明年带来风险。在收入下降的情况下,相信耐世特利润会持续受压。在正常情况下,预期纯利会于2021年起恢复。
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