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《大行報告》大和降敏華控股(01999.HK)評級至「跑贏大市」 目標價上調至17.8元
阿思達克 05-17 10:38
大和發表報告,將敏華控股(01999.HK)2022年2023年度每股盈測下調4%至7%,以反映潛在的利潤率壓力,並預計2024年度每股盈利為0.84元,將未來12個月目標價由16元提高到17.8元,但鑒於上升空間有限,將該股的評級從「買入」降至「跑贏大市」。

大和指,敏華控股2021年度下半年收入比該行預計高出13%,純利亦超該行預期5%,在強勁的資產負債表的推動下,派息比率三年來首次回到50%以上,不過大部分的積極因素已反映在早前股價。

大和考慮到原材料價格的全面上漲,即使敏華控股在規模和整合方面會比競爭對手優秀,但鑒於激烈的競爭和其新增由促銷驅動的銷售渠道,例如直播平台,認為其產品在內地的提價空間有限。另外,該行注意到,敏華控股2021年度在中國的毛利率是五年來的最低點。另一方面,由於海運成本飆升,認為其出口業務在2022年度上半年面臨重大挑戰。

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