《大行報告》美銀證券下調頤海國際(01579.HK)目標價至46元 評級「跑輸大市」
美銀證券發表研究報告,指頤海國際(01579.HK)上半年銷售按年升18.6%,稅後純利則跌12.6%,銷售遜預期,受累第三方業務差過預期,按年僅持平;關聯公司業務則增79%,受惠低基數效應。
該行續對頤海自熱火鍋潛在結構性問題感憂慮,毛利率因產品組合轉變,以及銷售及研發開支增加而錄大幅下跌,目標價由51.5元降11%至46元,並降2021至2022年每股盈測7%及9%,評級「跑輸大市」。
該行稱,頤海現估值相當於明年預測市盈率35倍,與歷史均值相符。該行料其增長減速及毛利新常態將觸發進一步向下估值重評。
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