《大行報告》中金升頤海(01579.HK)目標價37.5%至33元 評級「跑贏行業」
中金發表報告,料頤海國際(01579.HK)去年收入升約2.9%,當中來自第三方業務收入料有雙位數升幅,關連方業務收入料跌逾20%,與市場預期一致。該行料頤海去年純利跌9%至6.97億元人民幣,略高於市場預期,因利潤率改善勝預期。
報告稱,頤海第三方業務增長動力在去年下半年維持,關連方業務收縮幅度料較去年上半年收窄。隨著推廣開支減少,該行料去年下半年毛利率,以至淨利潤率將按半年改善;盈利壓力料開始紓緩。隨著收入增長復甦及利潤率改善,今年起盈利韌性料增加。
考慮疫情防控措施已優化,成本下降、開支控制開始見效,該行升頤海去年盈測2.3%,今年盈測上調5.3%至8.68億元人民幣,並引入明年盈測料進一步增至10.2億元人民幣。因應行業板塊估值上升,將頤海目標價上調37.5%至33元,相當於今明兩年市盈率分別34.1及28.5倍,評級「跑贏行業」。
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