《大行報告》匯豐研究升申洲(02313.HK)評級至「持有」 上調目標價至188.6元
匯豐環球研究發表的報告指,基於市場同業的數據,料申洲國際(02313.HK)估值獲重估,去年疫情期間公司亦有穩定的增長,加上其OEM模式反應較快,助公司捕捉品牌轉向直接向消費者銷售的機遇,該行認為市場對申洲的增長有信心,故願對其付出估值溢價,考慮到公司去年低數較低今年料有較強反彈,料重估亦將持續,將申洲評級升至「持有」,目標價由96.6元升至188.6元。
該行指出,申洲去年下半年受疫情、美元弱勢及平均銷售單價較低所影響,不過展望將來估計今年將有強勁反彈,一方面因為渠道庫存水平維持健康,料2020年至2022年公司銷售增長可維持14至16%左右,故該行將公司去年下半年收入及淨利預測分別降2%及4%,料期內收入按年增長5%,淨利則按年升6%,展望今年收入及淨利料將分別升17%。
匯豐研究表示,申洲國際股價自2020年低位已倍升,相信正面看法已完全反映,現時估值是自2016年以來最高,假如市場無新的催化劑提升其盈利預測,或未必有進一步的重估。(el/w) ~
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