You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大和降天虹紡織(02678.HK)評級至「跑贏大市」 目標價15元
阿思達克 03-19 09:46
大和發表的研究報告指,天虹紡織(02678.HK)管理層指,去年下半年業績反映大部分業務在疫情後已接近正常化水平,考慮到棉花價格升勢持續半年,認為公司去年第四季利潤擴張情況有望在今年首季繼續改善,不過棉花價格向上的勢頭在2月尾開始減慢,相信大部分正面因素已反映在股價上,投資者可等待更好的入市機會。

該行指出,公司紗線業務的毛利率由去年上半年的10.6%改善至下半年的15.3%。管理層指出第三季表現弱勢,不過第四季則有改善。該行相信在正常市場狀況下相關毛利率一般逾17-18%,而公司則將毛利率擴張歸因於棉花價格向上。該行指公司棉花庫存大約有三至四個月,去年下半年全球棉花價格升約28%,升勢在今年1月至2月初亦持續,故料今年下半年公司毛利率擴張程度或較上半年溫和。

公司重申中期策略希望擴張下游業務,冀未來三至五年相關收入貢獻可達50%,而去年相關佔比僅22%,去年公司淨負債情況顯著改善,該行相信往後亦會持續,亦不排除派息長遠可增加。該行將公司2021-22年核心淨利預測降1-4%,以反映對今年下半年看法較保守,目標價由7.8元升至15元,但認為上行空間有限,評級由「買入」降至「跑贏大市」,對公司長遠看法正面,不過擔心棉花價格利好趨勢能否持續。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account