《大行報告》麥格理下調康龍化成(03759.HK)目標價至29元 評級「跑輸大市」
麥格理髮表報告指,與康龍化成(03759.HK)就去年經營情況舉行了電話會議,其預料今年的收入增長介乎20%至30%;但佔銷售超過六成的實驗室服務的增長,估計將由去年的升37%,降至今年的增20%至30%。
該行認爲,由於康龍化成約80%的收入來自交付週期較短的早期項目,與委託開發及製造(CDMO)相比,更容易受到生物技術資金挑戰的影響。
麥格理指,下調康龍化目標價,由30元降至29元,此按現金流折現率作估值,維持「跑輸大市」評級,並調低集團毛利率及經營利潤率預測,反映成本壓力。
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