《大行報告》瑞銀下調濰柴動力(02338.HK)目標價至13.3元 評級「中性」
瑞銀發表評級報告,表示由於2016年至2021年中國重型卡車(HDT)上行周期結束,而下行周期持續近一年時間,預料中國今年重型卡車銷量較2020年高峰期下跌50%。
該行料今年次季中國重卡銷量14萬輛,按年跌逾70%,按季亦跌約40%。該行料濰柴次季純利介乎5億至10億元人民幣,低於首季的11億元人民幣,主因重卡及引擎產能利用率均低於最佳水平,致規模效益不足;歐洲通脹加劇壓抑濰柴旗下KION品牌純利。因此,該行降濰柴今明兩年重卡銷量預測介乎20%至30%,相應降濰柴今明兩年盈測分別37%及30%,並較市場預測分別低出43%及45%。
瑞銀認為市場對濰柴今年下半年復甦預期過高,以現金流折現率計,將其目標價由14.6元下調至13.3元,相當於預測今年市賬率1.6倍,維持「中性」評級。
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.