《大行報告》大摩下調朝雲集團(06601.HK)目標價至4.1元 評級「增持」
摩根士丹利發表報告指,受宏觀經濟挑戰和競爭加劇影響,朝雲集團(06601.HK)去年盈利或低於該行預期,但仍然看好其未來增速和具吸引力的估值,現僅相當於撇除現金後今年預測市盈率約4倍,維持「增持」評級,目標價就由11.7元下調至4.1元。
大摩將朝雲集團2021年至2023年的銷售預期降低18%至28%,並料2022年和2023年的運營開支比率會提高,以支持其類別和品牌規模化發展。同時將2021至2023年的淨利潤預測下調48%至60%,料2021年至2023年的銷售或淨利潤複合增長率分別爲15%和38%。另正如管理層所指,公司的派息比率可能會超過60%,而且預計2022或2023年將會恢復增長,因此認爲該股的風險回報佳。
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