野村:下調德昌(0179.HK)目標價至15.8港元 評級“中性”
野村發表報告,料德昌電機(00179.HK)截至今年9月30日止中期的收入按年下跌8%至15億美元,其中第二財季的收入跌幅料收窄至介乎5%至7%,較首財季15%跌幅放緩。
該行預計,集團將因出售其位於柴灣的生產基地而錄4,000萬美元一次性收益,推動其中期錄純利約1.3億美元,撇除有關收益,集團上半財年的核心純利料下跌約25%至30%。
野村將德昌估值基礎由現金流貼現率改為市盈率,並下調其目標價,由34.5港元降至15.8港元,相當於2020財年底止預測核心市盈率8倍,評級維持“中性”。此外,該行又下調集團2020財年的收入預測13%,由於經營去槓桿使毛利率預測下降1個百分點,純利預測亦因而下調22%。
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