《大行报告》瑞信降FIT HON TENG(06088.HK)目标价至2.17元 评级「中性」
瑞信发表研究报告,指FIT HON TENG(06088.HK)首季初步业绩显示毛利复苏较预期慢,收入按年升22%至10亿美元,纯利按年升6.12倍至1,140万美元。净利润率仅1.1%,低於公司全年的5%目标。报告称,公司有30%收入敞口来自越南厂房,在5月18至28日间停工,现时仅以20%产能上限营运,但由於在停工时有两至三周存货水平,在应付订单没有问题。
报告表示,在首季表现疲弱、原料成本上升、越南厂房关停对毛利率及经营利润率构成压力下,今年完成净利润率目标压力料加剧。该行料今年公司毛利率将复苏240基点,净利润率料3.9%。收入迈向原先指引料按年录单位数降幅。
瑞信下调2021至2023年每股盈测17%、11%及9%,以反映越南厂房关停及毛利率压力。目标价由2.6元降至2.17元,维持「中性」评级。
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