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《大行报告》高盛微降敏华(01999.HK)目标价至21元 料迎来四大催化剂
阿思达克 03-23 14:12
高盛发表报告,指敏华控股(01999.HK)近期股价回调约30%,同期恒指则累跌约7%,敏华同业股价则累跌约10%,料源於市场波动加剧、及投资者关注毛利率压力。纵然如此,该行认为敏华核心竞争力未受影响,包括全球领先纵向整合产能;以2019年计公司旗下「Cheers」品牌在内地躺椅市占逾50%;以及在线上渠道急速发展下具平衡渠道策略。

该行表示,维持对敏华控股「买入」评级,目标价相应由22元降至21元,此相当预测2026财年综合市盈率26倍作估值。

高盛估计敏华将迎四大股价催化剂,第一是截至今年3月底止2021财年的下半财年业绩、第二是零售策略更披露多细节披露、第三是未来潜在进一步加价、第四是海外市场需求回升。

该行下调敏华2021财至2026财年间每股盈利测介乎0.4%至10.3%,反映成本上涨因素,该行料敏华於2021财年收入及纯利将分别升26.5%及17.3%。

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