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《大行報告》匯豐研究升晶苑(02232.HK)評級至「買入」 目標價倍升至5元
阿思達克 03-22 10:35
匯豐研究發表的報告指,晶苑國際(02232.HK)去年下半年業務顯著反彈,其中淨利跌幅僅12%,較上半年按年跌54%顯著改善,估計其核心淨利已回復至疫情前水平,其中值得留意的是體育服裝業務,相關類別去年上半年收入已錄按年增長,而增長亦持續,去年貢獻集團收入的15%,公司宣派末期連特別息每股10.8仙,當中包括派特別息每股5仙慶祝集團50周年。

該行留意到近期服裝零售銷售及美國庫存銷售比例的數據,認為庫存水平及去貨表現健康,大型品牌收入勢頭亦持續改善,另一方面公司主要客戶日本Uniqlo的月度銷售數據顯示,自去年6月起持續錄得按年正增長,所以相信公司短期需求復甦勢頭仍然強勁,而管理層在業績會議上亦指產能現時已全獲預訂。

在業績簡布會上管理層亦表示對體育用品業務信心持續增加,主要因為龍頭品牌客戶轉向多元化供應,為配合兩大客戶Nike及Adidas,公司將增加產能以應付需求,該行相信將為公司釋放新的增長週期,除支持公司收入增長外,亦有助收窄與同業之間的估值折讓。

該行將公司2021至2022年淨利預測升18至26%,目標價由2.5元倍升至5元,以反映盈利預測提升、現金流改善等因素,評級由「持有」升至「買入」。

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