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《大行报告》大和降敏华控股(01999.HK)评级至「跑赢大市」 目标价上调至17.8元
阿思达克 05-17 10:38
大和发表报告,将敏华控股(01999.HK)2022年2023年度每股盈测下调4%至7%,以反映潜在的利润率压力,并预计2024年度每股盈利为0.84元,将未来12个月目标价由16元提高到17.8元,但鉴於上升空间有限,将该股的评级从「买入」降至「跑赢大市」。

大和指,敏华控股2021年度下半年收入比该行预计高出13%,纯利亦超该行预期5%,在强劲的资产负债表的推动下,派息比率三年来首次回到50%以上,不过大部分的积极因素已反映在早前股价。

大和考虑到原材料价格的全面上涨,即使敏华控股在规模和整合方面会比竞争对手优秀,但鉴於激烈的竞争和其新增由促销驱动的销售渠道,例如直播平台,认为其产品在内地的提价空间有限。另外,该行注意到,敏华控股2021年度在中国的毛利率是五年来的最低点。另一方面,由於海运成本飙升,认为其出口业务在2022年度上半年面临重大挑战。

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