《大行報告》瑞信降通達集團(00698.HK)評級至「跑輸大市」 指中期純利大遜預期
通達集團(00698.HK)發盈警,預計6月止六個月股東應佔溢利將按年減少85%至95%,瑞信發表報告,此預示公司上半年純利僅介乎1,600萬至4,700萬元,中位數較該行及市場同業原預期各低出69%及78%。該行表示,下調對通達投資評級由「中性」降至「跑輸大市」,將目標價由0.5元降至0.47元,此相當未來預測市盈率5.2倍。
該行指,通達集團發盈警主要由於現有產品面對激烈競爭,期內新型冠狀病毒疫情蔓延至全球各地導致預期的產品升級受到延誤,令毛利及毛利率下跌;及預期錄得匯兌虧損淨額,上年同期匯兌收益淨額約8,560萬元。
瑞信表示,調低對通達集團2020年及2021年每股盈利預測各34%及24%,主要是收入及毛利預期較低。該行指,通達目前估值僅預測市盈率介乎4至6倍,較其他安卓手機供應商估值較較大折讓,主要是公司在智能手機外殼產能較低,料估值折讓將會持續。
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