野村:降申洲國際(2313.HK)評級至中性 下調目標價至185.3港元
野村發表研究報吿指,將申洲國際(2313.HK)目標價由196.2港元下調至185.3港元,評級由買入下調至中性,以反映在當前充滿挑戰的環境中強勁的執行力,以及外匯影響對產能增長和利潤壓力方面的潛在挑戰以及近期營運費用的上升。
該行指,集團面臨多重阻力,是由於人民幣升值,加上新冠疫情在柬埔寨及越南爆發或對產能增加產生負面影響,因為招聘可能會延遲並導致營運進一步暫停。另外,低於預期的產能增長或會令新客户延遲加入。
該行認為,集團的風險回報愈來愈沒有吸引力,儘管現時在中國穩定產能和積極的海外產能擴張上仍有市場份額增長潛力,其主要客户的訂單亦增長穩定,但短期交易勢頭或在很大程度上依賴於整體疫情,將集團2021至23財年的盈測分別下調5.2%、7.2%及7.6%。
該行指出,由於新冠肺炎病例數量增加,胡志明市當局已下令暫停大多數非必要活動,並從5月31日起實施為期兩週的社會隔離措施。而目前集團有50%的面料輸出來自越南,公司通常會保持約2個月的面料庫存水平。雖然目前集團的營運仍然正常,但如果疫情惡化,該行認為當地工廠暫時停工的風險會愈來愈大。

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