《大行報告》瑞銀下調裕元(00551.HK)目標價至17.18元 評級「中性」
瑞銀髮表研究報告,指裕元集團(00551.HK)第三季收入爲16.34億美元,虧損爲7,100萬美元,勝預期,主因一次性出售收益,而剔除有關因素,表現遜預期,主因旗下寶勝國際(03813.HK)盈利遜預期,以及越南廠房利用率不足,令毛利率低於預期,代工溢利轉弱所致。
該行指,寶勝管理層預期今年收入錄單位數跌幅,並下調此前的經營溢利指引,但維持長遠目標在7%。而代工方面,管理層預期均價可在越南廠房正常化後,回覆至增長,今年毛利率仍可維持18%以上。
該行將裕元目標價由17.92元降至17.18元,維持「中性」評級。
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