大和:予互太紡織(1382.HK)目標價8.1港元 評級“買入”
大和發表研究報告指,互太紡織(1382.HK)2020財年上半年成績令人失望,上半年互太收入及經調整純利按年分別按年跌11%及18%,遜於該行預期,主要由於UNIQLO的銷量走軟,使存貨自上財年起開始積存,使存貨量上升,予目標價8.1港元和“買入”投資評級。
該行續指,由於Heattech系列的訂單會全年平均分佈,互太管理層預期下半年收入與上半年相比維持穩定,下半年收入按年增長約10%,亦預期全年純利按年跌約4%至5%。
該行表示,確信互太的運動產品收入會有所改善,但上升幅度緩慢,隨着互太的新客户李寧(2331.HK)所帶來的訂單,管理層料於2022財年將有20%的營業額來自體育品牌。該行又指,互太的越南生產線擴大計劃的購買土地部分已達最後階段,料三年內落成越南廠房第一階段投產。

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