《大行報告》摩通降JS環球生活(01691.HK)目標價至13.5元 評級「增持」
摩根大通發表研究報告,指以銷售及盈利而言,次季料屬內地家電股今年表現最差一季,但第三季趨勢或逆轉。該行料置換需求佔板塊現時總銷售約80%,令其較少依賴於房地產週期。即使次季行業動能具挑戰性,料該行所有被覆蓋公司次季銷售按年持平至錄正增長,受惠於銷售均價上升、市場整合及6月需求反彈。
不過,該行料JS環球生活(01691.HK)次季收入按年持平,純利按年料倒退6%,銷售趨勢疲弱,主因首季供應鏈及物流中斷,但次季已正常化。即使公司向美國出口貨品獲一些退稅優惠,但毛利率壓力主因成本通脹,以及增加對新產品的投資。該行予JS環球生活目標價由16元降至13.5元,評級「增持」。
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