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《大行報告》中金降申洲(02313.HK)目標價至217.33元 料人幣升值對中期利潤帶來負面影響
阿思達克 07-16 11:17
中金發表報告表示,考慮人民幣升值帶來匯率損失,決定下調對申洲(02313.HK)今明兩年每股盈利預測各8.6%及5.2%,維持對其「跑贏行業」評級,下調其目標價5.2%至217.33港元,此相當預測2022年市盈率40倍。

該行估計申洲今年上半年收入將按年升逾13%至116億人民幣、料純利將按年升5%至26.5億人民幣,由於航運緊張及人民幣升值致人民幣計價收入增速偏慢,估計公司上半年產量增長符合甚至略超預期,但因5至6月航運集裝箱偏緊致公司部份貨品交付延屬到7月份﹐造成以人民幣計價的單價按年有幅下滑。

中金表示,2021年初至今人民幣較美元升值,估計將給申洲今年上半年帶來逾1.2億人民幣的匯兌損失,而去年同只錄匯兌收益8,800萬人民幣,此將對公司今年上半年純利帶來負面影響。該行指若剔除匯兌損益的影響,估計申洲今年上半年純利27.6億人民幣按年升14%,若今年下半年人民幣匯率穩定,將促進公司今年下半年業績增長快於上半年。

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