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《大行報告》美銀證券下調頤海國際(01579.HK)目標價至18.9元 評級「跑輸大市」
阿思達克 09-02 11:45
美銀證券發表評級報告指,頤海國際(01579.HK)上半收入按年增2%,符合該行預期,稅後淨利潤按年跌25%,主要受到降價及成本上漲拖累;受惠於更多內部生產及關連方交易的價格條款較高,令下半年利潤壓力或持續得以紓緩。 該行預料,由於料關連方及第三方收入增10%至15%,下半年收入增長達雙位數,由於季節性、更多內部生產、關連方銷售價格(稍後)上升,惟按年比較仍下滑,毛利率或按半年改善,該行對公司長遠展望在激烈價格競爭中持審慎態度。 該行表示,將公司今年及明年每股盈測分別下調8%及9%,將其目標價由22.5元下調16%至18.9元;即使近期收入復甦,但第三方業務可持續增長可見度仍低,亦憂慮定價能力低企及持續投資新產品/品牌下,毛利率面對壓力,重申其評級為「跑輸大市」。
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