《大行報告》摩通上調龍工(03339.HK)目標價至4元 評級「增持」
摩通發表報告指,龍工(03339.HK)股價本年至今累升36%,升幅跑贏同期國指的3.5%,並為該行追蹤的建築裝備及重型貨車股份中表現最好。該行指龍工規模雖然較小,惟在行業需求上升的情況下,增長跑贏同業,首季大型堆土機銷售按年增長1.05倍,挖土機銷售增長76%,堆高機銷售增長1.87倍。該行料龍工新產品可改善銷售組合及提升毛利率,並相信原材料成本上升的影響較小。強勁的現金流及資產負債表穩健亦可支持未來派息。
基於龍工去年業績表現及管理層對前景指引好於預期,該行上調龍工今明兩年盈測30%,並高於行業預測平均16%。目標價相應自3.3元上調至4元,維持「增持」評級。
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