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《大行報告》匯豐研究降藍月亮(06993.HK)評級至「持有」 目標價削至7.6元
阿思達克 07-23 10:29
匯豐研究發表報告指,藍月亮(06993.HK)近日發盈警,預期上半年轉蝕4,400萬元,令市場驚訝。由於上半年表現疲軟,該行削減藍月亮2021年利潤預測52%,明後兩年盈測亦降介乎50%至51%,並下調公司評級由「買入」降至「持有」,目標價由16.6元大減54%,至7.6元。

不過,匯豐研究指,藍月亮最差的情況可能已經過去,願意給藍月亮時間來證明其高增長戰略,但如果該公司未能執行,將不可避免地導致增長假設下調。

匯豐研究指,考慮到上半年盈警,將藍月亮2021年至2023年固定匯率計算的收入年複合增長率由17%削減至12%。但考慮到最差情況可能已過,預計藍月亮下半年按固定外匯計算的收入增長可以回升到14%,凈利潤率恢復至17.8%,若未能實現,或會進一步下調盈測及目標價。

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