《大行報告》大摩上調裕元(00551.HK)目標價至15.5元 評級「與大市同步」
大摩發表研究報告將裕元(00551.HK)目標價由13.5元,升至15.5元,評級「與大市同步」。
該行指,公司與其他服飾代工廠一樣,在第四季起見訂單復甦,因顧客補貨需求增加。其中鞋類增長較服飾為慢,但相信裕元短期內最壞情況已過,隨著訂單和收入改善,未來行業將有重估的機會。
該行又指,在製造業務方面,公司的復甦由運動類轉至休閒及戶外類別,故對第四季訂單審慎樂觀,料按季有明顯增長,但均價因大眾市場訂單增長而下跌。對明年展望仍然感不確定性,認為目前估值合理。
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