《大行報告》大和下調頤海(01579.HK)目標價至19.7元 評級「持有」
大和發表報告指,頤海國際(01579.HK)上半年純利按年下降24.6%,遜市場預期,主要由於關聯方業務疲弱。該行維持對頤海「持有」評級,以反映毛利率受壓。以預測2022至2023年平均股盈由20倍升至23倍計,目標價由22.7元下調至19.7元,認為第三方業務收入雖然仍有健康的增長,但由於其關連方業務的毛利率恢復慢,導致估值過高。
考慮重組產品組合以打入偏遠城市壓抑毛利率,下調2022至2024年收入預測介乎12%至21%,亦降期內純利預測介乎24%至36%。
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