《大行報告》大和下調敏華(01999.HK)目標價至15元 評級「跑贏大市」
大和發表研究報告,指敏華控股(01999.HK)越南生產因疫情受阻,運費成本惡化幅度超預期,短期憂慮升溫,形容出口業務風險不應被忽略;但中國內地業務表現仍然強勁,相信可以支持收入增長。該行削敏華2022財年核心盈測18%,以反映運費成本預測升48%,以及毛利率進一步收縮。重申「跑贏大市」評級,並下調估值基礎,由預測2022至2023財年經調整平均每股盈利30倍降至25倍,目標價相應由20元降至15元。
該行指出,5月時,由於敏華出口業務原材料和物流成本增加憂慮,下調該股投資評級,不幸地,該等憂慮未有降溫,當時亦未考慮到新一個負面因素,即越南疫情反彈,致敏華當地工廠產能使用率僅20%。即使管理層重申市場應更關注中國業務,對其2021財年純利貢獻逾85%,惟相信越南工廠幹擾長過預期,將蠶食公司淨利潤率。
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