《大行報告》美銀證券升敏華(01999.HK)評級至「中性」 目標價上調至9.8元
美銀證券發表研究報告指,考慮到短期復工情況及房地產行業的結構性下行週期,預計高度分散的家具行業將加速整合,疫情以來經營環境惡化迫使較小的市場參與者退出,而行業領導者則通過縱向擴展銷售渠道及橫向豐富產品組合來搶佔市場份額。
該行將行業今明兩年盈利預測平均上調9%至18%,預期個股基本面存在差異,繼續看好歐派家居(603833.SH),給予「買入」評級,並將敏華控股(01999.HK)的評級由「跑輸大市」上調至「中性」,目標價升至9.8元,相當於2024年預測市盈率的約14倍。
美銀證預期,樓市下行週期中,當局穩定出台支持政策及重新開放將支持軟裝行業今年內進行價值重估,同時歐美的潛在去庫存拐點,可能亦會推動出口復甦,看好具有股價上升潛力的龍頭企業將獲估值溢價。
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