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《大行報告》大摩下調JS環球生活(01691.HK)目標價至24元 評級「增持」
阿思達克 10-25 10:18
摩根士丹利發表報告,調整對JS環球生活(01691.HK)的預測,以反映近期的經營更新及管理層簡報。該行下調其今明兩年經調整每股盈測9%至11%,目標價由27元降至24元,相當於預測市盈率17倍,維持「增持」評級。 大摩預期,集團今明兩年盈利將分別按年增長40%及27%;今年收入估計按年增長29%,明年料按年升20%。至於今明兩年淨利潤率預測亦各下調1.4個百分點至9.9%及10.2%,以反映運費成本上升。 該行提到,雖然年初至今中國小型電器的零售銷售仍然疲弱,但被美國及歐洲市場的強勁需求所抵銷,因此集團今年上半年的海外收入較該行預期爲佳。
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