大和:升九興控股(1836.HK)目標價至18港元 評級升至“買入”
大和總研發表研究報告指,九興控股(1836.HK)的策略將會帶其回覆利潤的腳步,並能受惠於高檔運動鞋的趨勢,2019年的收益率能達7%。該行將其投資評級由“持有”升至“買入”,目標價則由13.6港元,上調32.35%至18港元。
大和表示,九興在2016-2018年因工廠遷離中國及重組成本而造成利潤大跌,但預期九興在2020年開始,年淨利潤能達至少1.2億元(美元,下同),並相信隨着改善現金流及其慷慨的派息比率,能助其股息收益率在2021年達10%。該行又指,九興為香港小型股中其中一隻首選股。
大和料,今年將是九興重組的最後一年,預期自2020年開始一次性開支將會有較明顯下降,該行只分別下調其2019年收入及每股盈利預測7%及5%。
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