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交銀國際:重申申洲國際(2313.HK)“買入”評級 目標價125港元
格隆匯 12-03 16:37

交銀國際報告稱,重申對申洲國際(02313.HK)的“買入”評級,目標價125港元,相當於2020年預測市盈率的25倍。

該行稱,上週約80名投資者及分析師參觀了申洲位於越南及柬埔寨的現有及在建工廠,投資者關注的範疇包括因應美國對中國加徵關税,東南亞的產能擴張;勞動力市場、工資水平及趨勢;有助節省人工成本的自動化水平;以及政策影響。而工廠方面,集團的擴產計劃強大,由零開始至建成一間工廠只需要1年,包括位於柬埔寨、可容納18000名工人的大型工廠,以及位於越南、最先進面料及成衣的工廠。勞動力市場方面,雖然市場趨緊,但集團的情況較同業好。過去3年集團人工的複合年均增長率為5.5%,較越南內人工最高地區的最低工資水平高逾10%,故在吸納人才方面仍有競爭力。

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