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《大行報告》瑞信下調ASM太平洋(00522.HK)目標價至115元 評級「跑贏大市」
阿思達克 02-27 10:11
瑞信發表報告指,ASM太平洋(00522.HK)去年第四季經營表現勝預期,期內新增訂單總額下降也符合預期;但受部分業務由新加坡轉移至馬來西亞的一次性重組費用影響,期內淨利潤遜該行及市場預期分別18%及15%。 報告稱,ASM太平洋管理層訂下首季收入指引定為3.7億至4.5億美元,並預期首季將錄虧損。該行相信,虧損主要是由於期內毛利率下降及因應新型肺炎疫情而上升的管理成本。瑞信期望,在1月份新增訂單表現強勁,管理層預計2月底勞動力可回復80%以上,以及幾乎沒有客戶因疫情而取消訂單的審慎樂觀情況下,次季及上半年可望扭虧,相信公司可延續去年的增長勢頭。 瑞信將ASM太平洋2020至2021年度每股盈利預測調低約3%,目標價由118元下降至115元,預期在預訂量增長勢頭加快下可擺脫短期的生產和需求干擾, 維持「跑贏大市」評級。
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