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花旗:维持申洲(2313.HK)“买入”评级 目标价121港元
格隆汇 09-20 16:16
花旗发表报告表示,申洲国际(2313.HK) 遭控股股东马氏家族及主要股东Fairco减持,但该行认为此不等于公司基本面转弱,因其旗下越南和哥伦比亚厂的增长期较预期快,而11月公司将邀请投资者去越南厂房实地考察,相信可成为短期的催化剂。
该行指,申洲国际继为该行旗下中国工业股及中型企业的首选,指其遭控股股东配股后是属买入机会,维持对其“ 买入 ”投资评级及目标价121港元,此相当于动态市盈率1.2倍,料其2018年至2021年每股盈利预测复合增长率19至20%。
花旗称,本次是马氏家族第三次配售申洲持股,而在过去两次出售(2013年1月及2017年9月)后,公司的业绩仍然胜市场预期,故相信本次 交易亦不会影响下半年的表现,目前仍预期下半年盈利有20%的增长(对比今年上半年升10.9%)。
该行称,申洲国际在中国出口领域方面,可提供安全网,收入共有16%出口至美国,而当中有33%生产来自越南及哥伦比亚厂,管理层相信可以在避开对中国加征关税的情况下,达到满足美国的订单。
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