《大行報告》大和上調頤海國際(01579.HK)目標價至120元 評級「持有」
大和發表研究報告,指出頤海國際(01579.HK)上半年純利按年增長48%至3.99億元人民幣,好過市場預期,但由於該行的預測高過市場預期,因此僅大致符合該行預期,主要是受到強勁的第三方收入按年增長82%帶動,毛利率及營業利潤率分別按年擴闊2個百分點及3個百分點至39.7%及25.9%。
該行將公司2020至2021年度的收入預測上調1%,並將2020至2022年的盈利預測上調2至4%,以反映第三方收入的持續強勁增長,預期第三方收入佔2020年度收入70%,毛利率表現亦高於關聯方的收入來源,帶動2020年度的毛利率按年上升0.8個百分點。另外,預期2020至2022年的第三方收入年複合增長率達38%,關連方收入年複合增長達30%,這是基於其市場份額擴張計劃及新產品的推出。
該行將公司目標價由原來的67元大升至120元,因為相信公司2020至2025年的收入年複合增長會達到約34%。維持「持有」投資評級。
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