《大行报告》大摩上调敏实(00425.HK)目标价至44元 评级「增持」
摩根士丹利发表研究报告,指出随着行业最近的回调,敏实(00425.HK)股价在1月中自高位下跌17%。然而,该行认为公司在传统业务及新措施上有良好平衡。对於现有的装饰业务,预期在疫情影响後,在行业加速整合下,每年能增加1至1.5个百分点的市占率增长,再加上市场复苏,三年的收入年复合增长率料为17%。另外,该行预期公司的创新产品会在2022年贡献收入8至10%。
该行指,芯片短缺和材料成本增加仍然是汽车行业的主要障碍,虽然没有任何公司能完全幸免,但相信公司在客户、模型、市场上的卓越多元化以及强大的工业、价值工程能力,可确保较其他同业具有更强的韧性及议价能力来面对这些问题。
大摩重申敏实「增持」投资评级,目标价由原来的33元上调至44元,反映该行将2021至2022年的盈利预测上调7至19%。
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