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瑞銀:敏華(1999.HK)業績勝於預期 微升目標價至22.5港元
格隆匯 11-15 14:09

瑞銀髮研報指,敏華控股(1999.HK)上半年業績勝於預期,收入分別高於該行及市場預期5%及10%。該行表示,儘管受疫情影響,業績很好地表明了海外市場的強勁需求,相信最懷的出口情況已經過去,隨着疫情該步有所善及航運正常化,預期集團的出口業務會有反彈。該行予集團“買入”評級,目標價由22.2港元微至至22.5港元,以反映預計2022至24財年的盈測上調3至6%。

該行預期,敏華控股的中國市場收入將在2021至24財年達到32%的複合年增長率,並與潛在的物業竣工下降趨勢脱鈎,這是得益於不斷上升的更換或升級需求和份額增長。在利潤率方面,料將很快開始淨利潤率擴張,因為原材料及運輸成本下降。

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