《大行報告》花旗下調敏華(01999.HK)目標價至8.5元 評級「買入」
花旗發表研報指,敏華控股(01999.HK)2024上半財年業績基本符合預期,然而由於內地房地產市場低迷,中國市場需求仍較預期更差,因此將2024至2026財年盈利預期下調12%至17% 。
該行指出,期內敏華的梳化產品銷量按年增長27.6%,但以人民幣計價的銷售額增長率僅為11%,意味著平均售價至少有中十位數(mid-teens)下降,消費降級較預期嚴重,預計躺椅需求疲弱及內地消費能力下降,將繼續對下半財年業績構成壓力。
花旗將敏華目標價下調至8.5元,考慮到其估值較低,以及股息回報率較高,依然維持「買入」評級,並關注公司在海外市場的發展。
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