花旗:維持裕元集團(0551.HK)沽售評級 目標價13.5港元
花旗報吿稱,裕元集團(0551.HK)1月綜合經營收益淨額9.72億美元,按年增12%,表現大致符預期。其中,製造業務收入增9.8%至5.29億美元,佔總收入約55%;寶勝(零售業務)收入增12.6%至28.2億元人民幣,佔總收入約45%。
製造業務收入有增長,主要由越南工廠恢復生產,從而提高產能利用率帶動;經過去年第四季持續疲弱後,農曆新年期間釋放被壓抑的需求,令寶勝的收入重現增長。不過,由於近期確診個案急增,料需求弱續疲弱,故維持對其“沽售”評級,目標價13.5港元。
該行估計裕元去年第四季轉虧為盈,但由於越南的利用率長期處低水平,以及中國消費放緩影響零售業務的經營利潤率,料盈利微薄。另認為集團目前估值反映了今年越南工廠的產能及經營利潤率平穩復甦。集團管理層預期越南工廠的產能今年首季恢復至70至80%,但花旗認為最近東盟疫情加劇,可能令復甦面臨風險。

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