摩通:上調耐世特(1316.HK)目標價至3.5港元 評級中性
摩通發表的研究報告指,耐世特(1316.HK)去年業績較該行及市場預期差10%,而去年下半年則遜15%,主要因為受到第四季的罷工所影響,公司股價今月以來跌35%,主要因為市場擔心經濟下行及環球汽車需求,該行將公司2020年盈利預測降40%,以反映受疫情影響北美及歐洲方面業務放慢,該行的預測為行內最差,但仍擔心如環球汽車生產真的按年下跌12%,該行預測有機會進一步跌40-45%。
在業績電話會議上管理層指,大部分公司於歐美的客户已暫時停工,公司估計內地工廠開始有復甦,而公司正採取所有措施減少開支,包括是暫時裁員及延遲資本投資等,而公司派息比率由20%升至35%,管理層指如無重大併購或投資機會,相關水平或會在未來持續。該行維持對公司“中性”評級,目標價由3港元升至3.5港元。

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