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《大行報告》富瑞降申洲(02313.HK)評級至「持有」 目標價下調至80元
阿思達克 11-07 14:04
富瑞發表報告指,美國服裝行業受宏觀經濟及暖冬預期影響,今年冬季需求放緩,該行的庫存數據顯示,美國服裝行業未有進行庫存補貨,估計申洲國際(02313.HK)第四季產量可能開始未達預期,訂單放緩亦削弱利潤率預測,主要因為產能使用率及營運槓桿減低。在申洲估值偏高下,將評級由「買入」下調至「持有」,目標價由88元下調至80元。 該行指,美國失業率見18個月新高,消費者削減非必需品的開支,另外,資金成本上升,令品牌及分銷商投資庫存的意欲減低。 內地方面,申洲的主要客戶,短期內繼續清理庫存。在內地銷售的品牌,自今年第二季起已面對需求未達預期的挑戰,該行的調查反映,申洲內地主要客戶明年上半年的訂單,按年溫和增長5至10%。
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