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《大行報告》大和一舉降敏華(01999.HK)評級至「跑輸大市」 目標價下調至10元
阿思達克 10-07 10:59
大和以「完美風暴正在成形」爲題發表研究報告,指市場普遍低估了敏華控股(01999.HK)面對來自原材料及運輸成本而帶來的毛利率壓力,亦高估了內地市場增長的可持續性;其內地業務增長在截至明年3月底止下半財年料顯着放慢,在面對更大經營壓力下,評級由「跑贏大市」一舉降至「跑輸大市」,並下調估值基礎,由預測2022至2023財年平均市盈率25倍降至17倍計,目標價由15元降至10元。由於對上一份報告已下調對敏華預測,是次大致不變。 報告稱,料截至9月底止上半財年敏華內地業務仍強勁增長,惟在高基數,外匯利好因素減退,中國房地產市場放緩,以及整體消費氣氛疲弱下,下半財年起這分部增長將顯着減慢。因此,該行認爲近期敏華估值向下重評屬合理,並將會持續。 此外,大和留意到敏華在年報提出運輸成本是公司主要風險,在上半財年產生的運輸成本急升下,該行憂慮市場低估了運費對敏華經營利潤率的影響。
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