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《大行報告》摩通下調永達汽車(03669.HK)目標價至10.5元 評級「增持」
摩根大通發表評級報告指,由於單計上海市場佔永達汽車(03669.HK)收入的30%,公司今年首季盈利下滑(按年跌13%)顯然受累於3月中下旬起上海封城導致的附帶傷害。 該行指出,當4月上海封城仍持續,5月或有望逐步恢復,料這對今年次季表現的影響較3月份更大,管理層於業績電話會議上指導今年次季的潛在收入損失達20%至30%。 摩通表示,將永達2022至2023年盈測下調8%至10%,以反映今年上半年表現疲軟等,將其目標價由12元下調至10.5元。該行稱,永達現估值處自2012年上市以來谷低,相當於今年預測市盈率4.7倍及市賬率0.7倍,該行相信負面因素大致已被反映。考慮股息率吸引料達8%,維持「增持」評級。 該行補充,本年至今永達累跌37%,同期國指及同業中升(00881.HK)則跌17%至18%,但跑贏汽車代工股(普遍跌約50%)。該行在豪華汽車經銷商板塊中相對偏好中升,隨後是永達。
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