花旗:維持申洲(2313.HK)“買入”評級 目標價121港元
花旗發表報告表示,申洲國際(2313.HK)
遭控股股東馬氏家族及主要股東Fairco減持,但該行認為此不等於公司基本面轉弱,因其旗下越南和哥倫比亞廠的增長期較預期快,而11月公司將邀請投資者去越南廠房實地考察,相信可成為短期的催化劑。
該行指,申洲國際繼為該行旗下中國工業股及中型企業的首選,指其遭控股股東配股後是屬買入機會,維持對其“
買入
”投資評級及目標價121港元,此相當於動態市盈率1.2倍,料其2018年至2021年每股盈利預測複合增長率19至20%。
花旗稱,本次是馬氏家族第三次配售申洲持股,而在過去兩次出售(2013年1月及2017年9月)後,公司的業績仍然勝市場預期,故相信本次
交易亦不會影響下半年的表現,目前仍預期下半年盈利有20%的增長(對比今年上半年升10.9%)。
該行稱,申洲國際在中國出口領域方面,可提供安全網,收入共有16%出口至美國,而當中有33%生產來自越南及哥倫比亞廠,管理層相信可以在避開對中國加徵關税的情況下,達到滿足美國的訂單。
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