大華繼顯:升通達(0698.HK)目標價至1.11港元 重申“買入”評級
大華繼顯發表報告表示,相信通達經歷2018年艱難的一年,相信其借庫存一次性撥備,營運於2019年已見底,展望公司今年前景明亮,可受惠5G替代需求、錄更高iPhone銷售及產品組合升級,重申對其“
買入
”投資評級,上調對其目標價由0.781港元升至1.11港元,相當預測今年市盈率8倍,指現估值僅預測今年市盈率6.7倍,低於過去五年曆史中位數約8倍水平。
該行引述通達管理層指,有能力達到去年營運目標,包括智能手機外殼付運目標1.4億部及相關收入目標2.22億美元,雖然旗下iPhone訂單于去年下半年付運回升,但產品平均售價承壓,由2018年每件3.5美元,至2019年降至3美元,因iPhone 11系列缺明顯部件升級。
但大華繼顯引述通達管理層表示,維持2020年智能手機外殼付運多於1.8億部的目標(相當按年升29%),該行相信通達今年付運目標可潛在上升,因iPhone 11銷售較原預期理想,兼且去年下半年5G智能手機應用快於預期。就蘋果公司業務而言,該行料通達今年相關業務可達到2.5億美元,按年增長14%,公司管理層稱當採用5G技術的iPhone應用新陶瓷物料於部件上,將可提升公司產品平均售價及毛利。
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