《大行報告》大和下調裕元集團(00551.HK)目標價至15元 評級「跑贏大市」
大和發表報告指,裕元集團(00551.HK)早前公佈去年12月的收入後,該行與管理層舉行了更新會議。集團去年第四季的收入大致符合該行預期,其中製造業務收入優於該行預期7%。
該行相信,裕元的製造及零售業務均已見底,料於今年可見改善,但認爲集團需要解決多個領域的能見度減弱問題,以扭轉其股價表現。其中包括恢復股息的時間,因集團今年的資本支出計劃提高;解決越南一工廠的小規模罷工;以及中國消費需求疲弱。
大和下調裕元集團股份目標價,由18元降至15元,評級維持「跑贏大市」,並調低集團今明兩年盈利預測9%,以反映更爲保守的毛利率等預測。
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