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《大行報告》花旗下調敏華(01999.HK)目標價7.6元 評級「買入」
阿思達克 04-15 15:07
花旗發表報告指,敏華(01999.HK)將在5月15日公布2020財年業績,預期由於疫情爆發,中國2月份及歐美5至6月份銷售表現會較差,但指出股價年初至今已由高位調整約30%,相信很大程度上消化了疫情的影響。

該行預測,佔銷售額一半的中國業務將為2020財年盈利貢獻約75%至80%,疫情影響下,中國2月份大部分店舖臨時關閉,線下銷售額按年跌50%以上,至4月初復工才恢復正常,估計第三財季中國銷售額將強勁增長逾30%,但第四財季可能跌10%,要至2021年第二財季才可恢復增長。

報告又指,鑑於訂單交貨時間少於2個月,並且4月份訂單放緩,認為由於海外商店的暫時關閉,歐美業務5至6月份為銷售低谷,但預期疫情消失銷售額就會恢復,因此將2020至2021財年盈利預測下調10%及14%,但將2022財年上調1%,以反映2021財年首季度的銷售下滑及歐美地區疫情爆發令潛在銷售延遲到2022財年。

花旗降敏華目標價至7.6元(原本8.5元),並予「買入」評級。此外,花旗亦認為油價下行週期屬利好因素,近期全球經濟衰退及石油價格暴跌,料將有助降低化學及金屬商品的材料成本。

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