《大行報告》瑞信下調時代天使(06699.HK)目標價至145元 評級「跑輸大市」
瑞信發表報告,下調時代天使(06699.HK)目標價由240元至145元,維持「跑輸大市」評級。由於出貨量恢復和長期行業格局的能見度較低,將估值方法從現金流折現率改爲市盈率,相當於爲47倍的2023年中期預測市盈率,基於對國際同業有30%溢價。
該行估計,時代天使在去年出貨量爲18.3萬套,符合其修訂出貨量後的18萬套指引。由於收入削減、毛利率壓力和營業費用節約的混合影響,將2021年至2023年的每股盈利預測調整爲跌1%至升7%。
瑞信指,時代天使面臨的平均售價壓力可能進一步拖累盈利能力。因爲在宏觀經濟疲軟情況下,定價策略在低端市場中突出,如果發生價格戰,公司可能會通過更大的折扣以作防守。
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