《大行報告》高盛微降敏華(01999.HK)目標價至21元 料迎來四大催化劑
高盛發表報告,指敏華控股(01999.HK)近期股價回調約30%,同期恆指則累跌約7%,敏華同業股價則累跌約10%,料源於市場波動加劇、及投資者關注毛利率壓力。縱然如此,該行認為敏華核心競爭力未受影響,包括全球領先縱向整合產能;以2019年計公司旗下「Cheers」品牌在內地躺椅市佔逾50%;以及在線上渠道急速發展下具平衡渠道策略。
該行表示,維持對敏華控股「買入」評級,目標價相應由22元降至21元,此相當預測2026財年綜合市盈率26倍作估值。
高盛估計敏華將迎四大股價催化劑,第一是截至今年3月底止2021財年的下半財年業績、第二是零售策略更披露多細節披露、第三是未來潛在進一步加價、第四是海外市場需求回升。
該行下調敏華2021財至2026財年間每股盈利測介乎0.4%至10.3%,反映成本上漲因素,該行料敏華於2021財年收入及純利將分別升26.5%及17.3%。
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