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《大行報告》麥格理降敏華(01999.HK)評級至「跑輸大市」 目標價上調至9.7元
阿思達克 12-10 10:10
麥格理發表報告指,將敏華控股(01999.HK)評級由「中性」降至「跑輸大市」,指股價今年以來已累升165%,指已反映大部份正面因素。該行將敏華2021及22財年的盈利預測分別升12%及11%以反映收入復甦快過預期,目標價由5.9元升至9.7元。

該行承認早前低估了居家抗疫措施帶來的正面影響,而早前予公司的「中性」評級則反映復甦較慢,認為公司的正面前景已反映在股價上,而運輸及原材料成本上升壓力或令進一步重估的潛力有限。

麥格理指出為支持內地收入增長,公司為特許經營店提供了裝修補貼並加大了回贈,拖累2021上半財年毛利率收窄2.5個百分點,而公司估計下半財年將開最少400家店,料特許經營店將繼續為公司帶來支持,將中國市場2021財年的收入增長預測升至44%,但就料2022及23財年的增長將分別減慢至24%及20%,因為公司不能持續的擴張分店。

而在北美市場方面,收入雖復甦但利潤前景或負面,摩通指出公司在越南設廠生產以應對中美貿易戰帶來的影響,而敏華亦指出於7-11月美國出口回復至正增長,現時公司仍在等待美國新政府澄清貿易政策,以確定擴產地點,不過北美業務利潤水平較低,估計將為集團整體利潤帶來壓力,而運輸成本亦會影響到利潤。

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