申洲國際(2313.HK):大股東小比例配售舊股無礙基本面保持穩健,維持“買入”評級,目標價128-131港元
機構:國信證券
評級:買入
目標價;128-131港元
事項:
9 月20 日公司公告,本公司已獲賣方告知,於2019 年 9 月20 日(交易時段前),賣方與經辦人訂立次級大宗交易協議, 以向專業、機構、企業或其他投資者買賣股份,購買價為每股股份 102.00 港元。協榮及富高將根據出售事項分別出售 27,979,750 股及 3,720,250 股股份。出售事項預期於 2019 年 9 月 24 日完成。
國信觀點:
1)配售舊股比例約為 2%,折讓 6%,幅度較低。
2)歷史證明無需過度解讀配售,關注重點仍為公司基本 面。
3)風險提示:1.貿易摩擦升級加大市場悲觀情緒;2.主要銷售市場受宏觀經濟影響需求大幅下行;3.海外基地政治 風險;4.市場的系統性風險。
4)投資建議:我們認為公司基本面堅挺,明後年產能釋放利於業績加速提升,長期龍頭地 位穩固,當前估值較為吸引。我們維持盈利預測,預計公司 19-21 年淨利潤增速分別為 13.1%/20.6%/22.1%,EPS 分 別為 3.42/4.12/5.03元,當前股價對應PE 分別為27x/22.4x/19.2,維持合理估值區間128-131港元(對應 2020 年27-28x PE),維持“買入”評級。
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