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《大行報告》大摩下調裕元(00551.HK)及九興(01836.HK)目標價 市場波動影響投資情緒
摩根士丹利發表研究報告指出,對裕元(00551.HK)及九興(01836.HK)的盈利預測及目標價作出調整,以反映在波動市場下,影響對鞋類代工商的投資情緒,以及該行對該板塊的偏好順序,當中仍然首選九興,認為公司涉足時尚和奢華鞋類類別,受當前業內對運動和休閒鞋類去庫存周期的影響較少。 該行認為,九興客戶組合多元化,當中包括新興品牌如Hoka等,相信有助公司較其他代工商提高收入及盈利。該行大致維持對九興今年下半年及明年的預測,但鑑於香港股市目前的波動,將其今年下半年及明年上半年的目標市盈率預測由9倍下調至8倍,目標價由11元降至10元,評級「增持」。 此外,該行仍看好裕元,其營運效率的提高和勞動力的合理化,令集團保持良好的毛利率。儘管公司仍可能受主要客戶如Nike及Adidas謹慎下訂單的影響,但該行認為公司對其他品牌如New Balance和Asics的敞口或可提供一些支持。該行對公司今年下半年及明年上半年的目標市盈率預測由9倍下調至7.5倍。目標價由12.5元下調至10元,維持「與大市同步」評級。
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