大摩:升九興控股(1836.HK)目標價至12港元 評級增持
摩根士丹利發表報吿,將九興控股(1836.HK)目標價從11港元升至12港元,評級為增持。
報吿指,公司第二季鞋類出貨量達1450萬對,按年上升54%,主要受惠於訂單復甦;上半年鞋類出貨量2650萬對,按年上升30%,部分反映了去年同期低基數效應;第二季均價持平,而上半年均價上升4.5%至25.8美元,上半年生產收入升35.5%至6.84億美元,但仍低過2019年水平的7%,上半年公司收入料按年增長36%。同時公司發盈喜,料上半年錄不少於3000萬美元純利,按年表現大增。
報吿又指,公司第四季訂單續明朗,但出貨指引未有更改,同時公司將會優先改善毛利率,預計全年產量5500萬對,全年收入上升28%。報吿又指,基本面復甦下,公司表現改善,但認為市場仍然低估了它在NIKE 供應鏈中的份額增長,建議增持倉位。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.