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《大行報告》花旗下調德昌(00179.HK)目標價至12元 評級「買入」
花旗發表報告指,德昌(00179.HK)2023財年(截至今年3月底止財年)的收入升6%至36.46億美元,純利增8%至1.58億美元略遜於預期。該行分別下調集團2024及2025財年的盈測各10%和4%,目標價由12.8元下調至12元,維持「買入」評級。 該行提到,德昌管理層指引新產品在2024財年增長5至7%;通用汽車將在較低的材料或物流成本下溫和擴張;近期資本支出週期結束時,資本支出與銷售額的比率將自較早時的10%下降;及鑑於FCF改善,集團應該有更大的空間來維持2023財年37%派息比率。 花旗表示,除了經營槓桿,預計德昌淨利潤率將從2023財年的4.3%進一步擴大至2024財年的4.5%。(sl/~
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