《大行報告》大摩降敏實(00425.HK)目標價至28元 下調耐世特(01316.HK)目標價至7.5元
摩根士丹利發表研究報告指,地緣政治緊張及內地嚴控疫情將持續影響消費市場,加上長期的供應鏈挑戰,因此進一步下調對中國汽車零部件行業預測,預期行業仍未見底。
該行指出,在盈利風險和行業評級下調的雙重打擊,中國汽車股價格已跌至疫情以來兩年低位,宏觀不確定性上升,同時市場亦擔憂地緣政治緊張局勢加劇對銷量及成本的影響,以及市場的需求問題等,認爲當中有部分影響雖然屬暫時,但壓力可能會持續存在,對企業收入和盈利能力構成風險。大摩指出,股票風險溢價飆升,股票評級繼續下調,導致近期市場狀況進一步惡化。
大摩預測,在中國今年經濟增長放緩下,假設企業收入受限,毛利率進一步收縮1至2個百分點,根據估值歷史低位及修訂後2022年盈利預測,該行監察的股份則仍有20%至40%的下行空間。
大摩認爲,汽車零部件行業估值需要重新調整,進一步下調相關股份的盈利預測及目標價,以反映過去兩星期原材料成本大幅上漲、中國GDP增速下降、股票風險溢價及供應鏈困境等,當中將耐世特(01316.HK)今明兩年盈利預測削減32%及22%,目標價由10.5元下調至7.5元,評級「增持」;並將敏實(00425.HK)今明兩年盈利預測下調24%及22%,目標價由42元降至28元,但計及累積訂單,將收入預測上調3%及4%,評級「增持」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.