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《大行報告》富瑞降滔搏(06110.HK)目標價至9.3元 下調盈測
阿思達克 10-24 11:37
富瑞發表研究報告指,滔搏(06110.HK)日前公布截至8月底止中期業績,收入按年增長7.3%,遜於該行預期,相信是由於公司主動進行庫存控制導致部分庫存短缺,令7月及8月份銷售錄得顯著放緩所致。 該行認為,管理層在市場需求不確定的情況下,會將經營方針重點放在創造價值,即著力管控自由現金流水平,因此對未來利潤率和庫存控制持更樂觀看法,但對收入增長維持較謹慎態度,將2024及2025財年盈利預測分別下調3%及7%,收入預測各下調4%及8%。 富瑞表示,期望滔搏會將經營安全性放在第一位,預期公司會進一步清理庫存,減少降價幅度以支持利潤率,並相信會保持嚴格的營運成本控制措施,將目標價從9.5元降至9.3元,評級為「買入」。
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