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《大行報告》大摩升維珍妮(02199.HK)評級至「與大市同步」 目標價上調至2.45元
阿思達克 10-20 10:58
摩根士丹利發表研究報告,指預期2021財年第二季對於維珍妮(02199.HK)2020財年而言是最差的季度,因為主要胸罩及貼身內衣客戶,例如Uniqlo及L Brands的訂單大幅減少。該行現時預期,公司2021財年上半年的銷售按年跌20%。由於收入大幅下降及經營去槓桿化,預期期內的毛利率表現將受壓,料按年下跌4個百分點至18.5%,並可能因裁員而要支付遣散費,及因工廠合併而作資產註銷。

然而,該行認為公司可以在第三財季錄正向的收入增長,這主要是受惠於主要的胸圍客戶及持續的運動相關產品訂單的恢復,而這與其他代工生產企業面對的趨勢一致。現時客戶整體感到更為樂觀,但第四財季的前景仍有不確定,因為下單的交貨時間仍短促,而客戶正等待感恩節及假期的銷售季度來臨。因此,該行將公司下半財年的銷售增長預測下調至持平,而2021財年銷售料按年減少10%。整體而言,料2021財年錄得盈利800萬元。

維珍妮的股價在今年來已調整49%,最新目標價由原來的1.9元上調至2.45元,投資評級由原來的「減持」調高至「與大市同步」。

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