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花旗:維持申洲國際(2313.HK)買入評級 目標價202港元
格隆匯 06-01 14:01

花旗發研報指,該行與申洲國際(2313.HK)管理層進行了溝通。要點如下:1、在短期內舊股配股發生概率極小;2、儘管柬埔寨新冠肺炎疫情不斷升級,且2021年招聘進程略有放緩,但料公司2021-22年產能擴張仍保持遞增;3、平均售價上升可能會轉移不斷上升的材料成本以及人民幣匯率的走強,該行對公司盈利預測更有信心。

研報續指,公司去年淨現金額度達46億元人民幣(下同),足以支付每年20億元的資本支出。故此,該行認為公司不會為業務增長而配售新股。鑑於股東於去年11月配售3800萬股份,近期進行舊股配售的機會也非常小。

公司去年提供了高於1.5億元的一次性供應,以支持在中國恢復生產的步伐,以及覆蓋新冠肺炎封鎖後口罩的額外成本。管理層預計今年不會有類似的大規模封鎖,特別是考慮到大多數工人已經接種疫苗。

花旗認為,新冠肺炎疫情對公司中國、越南和柬埔寨的生產基地的影響很小,儘管最近東盟的病例也有所增加。公司目標是在今年上半年年底僱傭人數達到7000名,但目前僅為5000名。也就是説,人力短缺僅佔其工廠勞動力總數的3%,這對於2021年業績增長的影響看起來很小。花旗預計,公司2021-23年盈利CAGR將達到22%。

此外,5月份該股股價上漲17%,主要受南下資金所推動。花旗認為,在目前東盟新冠肺炎形勢下,任何因人民幣走強或負面情緒而造成的股價回落都將是較好的買入機會。該行維持申洲國際買入評級,目標價202港元。

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