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《大行报告》花旗下调裕元(00551.HK)目标价至10.8元 评级「沽售」
阿思达克 03-31 11:40
花旗发表研究报告,指裕元(00551.HK)2019年度经常性盈利按年下跌13%至2.82亿美元,均较该行及市场预期为低。

该行引述公司在电话会议上表示,由於疫情在美国及欧洲爆发,公司下半年的制造业务收入具有不确定性,两地业务分别占2019年度制造业收入31.3%及28.5%。另外,在过去七日,有95%位於中国的店铺已恢复营业,但该行预期复苏的速度会比预期长。公司又指,现金流管理将会是今年的首要工作,因此该行相信公司将会削减资本开支及派息。

该行将公司2020及2021财年的盈利分别下调64%及32%,目标价由原来的19.6元下调至10.8元。公司股价今年来已跌近半,并正反映大部分不利因素,但该行相信最差的或会是其第二及第三季业绩,因此维持「沽售」投资评级。

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