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里昂:升敏華(1999.HK)目標價至6.9港元 評級“買入”
格隆匯 11-29 11:14

里昂發表的研究報告指,現時敏華控股(01999.HK)于越南的生產每月逾2,000TEU,意味達北美一般出貨量逾八成,增長速度快過早前預期,相信可助公司減輕關税方面的負擔,並有助搶佔其他未有海外業務的中國對手之市場份額,雖然全年計北美銷售亦有機會呈按年下跌,但相信下半年將較上半年表現有所提升。

該行指出受美國進口關税影響,大多數供應商均退回中國市場,惟他們並沒有信譽、分發渠道及定價能力,而且其生產成本亦較高,相對之下敏華可提供更多優惠,而原材料價格下跌亦提供了更多空間,上半年毛利率仍能按年擴張,相信情況在下半年仍能持續。上半年公司線上銷售按年增100%,而雙十一亦將成下半年的增長引擎,相信2020財年中國區銷售亦可維持雙位數增長。

該行指出公司2020上半財年經營現金流逾10億港元,容許公司減債、回購、派息並支持資本開支,2020財年其資本開支預算為7-8億港元,並料2021-22財年將有所減少。該行對其盈利預測大致不變,但就將其目標價由6.3港元升至6.9港元,重申評級“買入”

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