《大行報告》瑞信升中通服(00552.HK)評級至「跑贏大市」 目標價下調至3.9元
瑞信發表報告,預計中通服(00552.HK)上半年收入和毛利按年增長6%,純利大致持平,以反映4月和5月所受疫情影響。予評級由「中性」提升至「跑贏大市」,惟該行採取新金融模型,目標價由4.4元下調至3.9元,相當於明年預測市盈率6.7倍,較歷史均值低出一個標準差。不過,在業績公布前,不預期有重大估值重評。
該行相信,中通服可基本實現2022財年高單位數的收入增長和略微放緩的淨利潤增長率的指引,並審慎地看好其下半年前景,因為下半年經營已經正常化,而且內地疫情防控措施在逐步放寬。另由於管理層在獲授予股票激勵期權計劃,有望改善股份表現,該行認為未來股票回購、併購以及進一步提高派息比率發生的機會增加。
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