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《大行报告》汇丰研究升申洲(02313.HK)评级至「持有」 上调目标价至188.6元
阿思达克 02-23 11:26
汇丰环球研究发表的报告指,基於市场同业的数据,料申洲国际(02313.HK)估值获重估,去年疫情期间公司亦有稳定的增长,加上其OEM模式反应较快,助公司捕捉品牌转向直接向消费者销售的机遇,该行认为市场对申洲的增长有信心,故愿对其付出估值溢价,考虑到公司去年低数较低今年料有较强反弹,料重估亦将持续,将申洲评级升至「持有」,目标价由96.6元升至188.6元。

该行指出,申洲去年下半年受疫情、美元弱势及平均销售单价较低所影响,不过展望将来估计今年将有强劲反弹,一方面因为渠道库存水平维持健康,料2020年至2022年公司销售增长可维持14至16%左右,故该行将公司去年下半年收入及净利预测分别降2%及4%,料期内收入按年增长5%,净利则按年升6%,展望今年收入及净利料将分别升17%。

汇丰研究表示,申洲国际股价自2020年低位已倍升,相信正面看法已完全反映,现时估值是自2016年以来最高,假如市场无新的催化剂提升其盈利预测,或未必有进一步的重估。(el/w) ~

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