瑞銀:上調敏華控股(1999.HK)目標價至9.2港元 評級“買入”
瑞銀髮表研究報告,將敏華控股(1999.HK)目標價由7.5港元上調至9.2港元,升近23%,重申“買入”評級。
該行表示,自今年財年業績發佈以來,敏華控股的股價已上漲了50%以上,歸因於內地業績超過預期,加上股息派發。該行認為一個更重要的原因是市場將敏華控股視為品牌冠軍。隨着其在內地的收入進一步上升,預計該股票的估值將上調至內地同業的水平。該行表示,分別將其2021、2022及2023年的盈利預期提高20%、 16%及 15%。自四月以來敏華控股在內地的銷售勢頭不斷加快並超出預期,躺椅普及率也不斷提高,而最近海外訂單表現出反彈,且內地收入的利潤率進一步提高。
該行稱,敏華控股的內地業務已經在2020財年度貢獻了51%的收入和超過80%的核心盈利,而線下商店的增加以及更多的線上計劃(例如直播和短視頻等),有望帶動內地的銷售額進一步增長。該行認為內地的沙發市場正在下滑,敏華控股應被視為未來的本地品牌冠軍,而不是代工(OEM)出口商。另外,內地沙發的滲透率從2011年的8%上升至2019年的14%,但仍遠遠落後於美國的41%。公共衞生事件讓市民們有更長時間留在家中,加上持續的消費升級,預計沙發的滲透率會加快,並在2024年達到21%。該行認為敏華控股憑藉其設計、開發能力、生產和有競爭力的價格,有望進一步擴大了其市場份額。

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