《大行報告》大摩上調裕元(00551.HK)目標價至19.5元 評級「與大市同步」
大摩發表研究報告,將裕元(00551.HK)目標價由17元上調至19.5元,評級「與大市同步」。認為公司去年第四季製造業利潤見改善,相信未來情況會繼續,但料行業需時重回過去利潤水平,目前估值合理。
該行指,公司的與其他同業一樣,今年訂單見復甦,管理層致力於提升經營效率,公司對其利潤復甦看法正面。基於預期旗下寶勝(03813.HK)銷售增長,同時質素有所提升,將可推動目標經營利潤率達7%,並可支持裕元整體盈利增長,惟需留意其第四季的改善情況是否可以持續。
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