《大行报告》摩通下调国药(01099.HK)目标价27%至24元 评级「增持」
摩根大通发表报告指,国药控股(01099.HK)发盈警,料今年首两个月的纯利按年下跌约50%,主要受累於新型冠状病毒疫情爆发,使收入增长疲弱,而集中采购计划亦令毛利率受压。该行维持对国药的「增持」评级,但股份目标价下调约27%,由33元降至24元,以反映该行下调集团今明两年盈利预测;另目标价降幅大於每股盈测降幅,主因营运资金的改善进度或较先前为慢。摩通又称,国药昨日(9日)股价下跌11%,相信市场对集团的盈利警告或过度反应。该行料国药2019至2021年间收入及纯利年均复合增长分别15%及10%。该行下调其今年收入及纯利预测分别5%及7%,以反映疫情对营运负面影响。另摩通称,值得注意,调整国药盈测外,其每股盈测另有5%摊薄影响,因公司在今年1月完成1.49亿股H股配股。
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