里昂:升敏華(1999.HK)目標價至6.3港元 評級“買入”
里昂發表的研究報告指,敏華控股(1999.HK)
2020上半財年核心盈利表現符預期,惟北美銷售表現差過預期,而該行認為公司盈利復甦的情況仍然穩健,隨着越南廠房投運,關税方面的影響逐步減退,而內地銷售亦持續向上,公司現金流有改善。考慮到氣氛好轉,里昂將其目標價由5.6港元升至6.3港元,維持“
買入
”評級。
該行指出公司2020上半財年淨利按年增6.1%,核心盈利則按年升3.1%,大致符合該行預測。期內,收入按年升1.9%亦大致符合預期,惟北美銷售按年跌22.9%遜預期,但相關因素被中國銷售增長部分抵銷,加上物業銷售亦帶來貢獻。受惠原材料成本下降帶動,毛利率按年升2.8個百分點至35%亦大致符合預期,而期內銷售、一般及行政開支有所上升,但相關因素亦被匯率及公平值收益所抵銷。公司中期派息比率為37.9%,比上年同期34.5%有所提升。
該行指出上半財年受推出新產品及優惠帶動,公司中國銷售加快,敏華亦有積極推展線上銷售,同時亦加設了新店及改善產品設計等。在北美方面,受5月關税談判加上越南廠房推動,期內出貨量有見覆蘇,相信未來關税影響將逐步減退。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.