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《大行報告》大和降九興(01836.HK)評級至「跑贏大市」 目標價維持12元
大和發表報告指,在分析師電話會議上,九興控股(01836.HK)管理層對前景保持相對審慎,即使其2021年第四季的訂單量可見度增加,即使其許多上市客戶已上調指引,但九興並未因此提高全年出貨量按年增長10%指引。該行認爲,管理層採取保守立場的一個重要原因是越南新冠疫情的不確定性。例如,另一家大型製鞋企業裕元(00551.HK)最近就因越南新冠疫情而將胡志明市的工廠關閉10天。

不過,大和指仍然期待管理層在8月的中期業績中,提高全年的出貨量指引至5,080萬雙。該行對九興目標價維持12元,降評級由「買入」下調至「跑贏大市」,並將2022年至2023年的每股盈測下調3%至4%。再者,倘七國集團(G7)執行全球最低稅率,則九興稅務敞口料進一步增加。

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