《大行報告》花旗上調偉易達(00303.HK)目標價至84元 評級「買入」
花旗發表的研究報告指,偉易達(00303.HK)2021財年淨利按年升22%至2.31億美元,期內收入增長10%至23.72億美元,均好過該行預期。更重要的是公司宣派末期息每股0.74美元,令全年派息增至0.91美元,相當於派息比率近99%,該行將公司2022-23財年盈利預測升11-12%,並引入2024財年的預測,估計未來三年每股盈利的年複合增長將為3%,目標價由68元升至84元,評級「買入」。
該行引述公司指,雖然各分部訂單均強勁,但半導體及LCD顯示屏均現短缺,2022財年收入將較難預測。不過,該行估計公司2022年收入將增7%,主要因為零件短缺主要在於CMS分部,對其核心業務影響相對較細。花旗料受原材料成本上升影響,公司毛利有機會收窄,但認為2022財年毛利將於2021下半財年類似。
該行指出受惠美國向市民「派錢」1,400美元,將惠及公司B2C業務多於其B2B業務,估計終端需求的影響將反映在2022財年業績上。另一方面,公司CMS業務相對需要較多不同晶片組,所以將受半導體供應鏈影響較深。(el/u) ~
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