《大行報告》花旗下調敏實集團(00425.HK)目標價至24.3元 評級「買入」
花旗發表研究報告,指觀察到敏實(00425.HK)的產能已復甦,重啟時間表如期,其中德國廠房亦已有限度重開,每員工每周工作時間約20小時。美國廠重啟時間亦已落實在5月18日,中國生產則已全面復甦。
該行指,基於新冠肺炎疫情令全球廠房生產暫停,下降今明兩年盈利預期分別28%及24%,以反映對今年本地及海外銷售下跌15%及25%的預期,以及明年增長15%及25%的預期,且料今年毛利率會降至30.7%,主因上半年毛利按半年下跌1-3個百分點,料明年毛利率回升至正常水平31.3%。該行並下降今年經營溢利預期至13.7%,明年則回復至14.9%。基於上述預測,該行料集團今年盈利按年跌22%至13億元人民幣,明年則按年升30%至17億元人民幣。
該行又指,首季的鋁價跌至每噸11元人民幣,低於集團預算18%,4月份鋁價錄進一步下跌,估算每10%鋁價下跌,將為公司節省6,100萬元人民幣成本,有助抵銷疫情對上半年之負面影響,目標價由30.3元降至24.3元,維持評級「買入」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.