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《大行報告》高盛微降申洲(02313.HK)目標價至98元 反映越南高稅收影響
阿思達克 12-01 09:57
高盛發表研究報告指,越南議會投票通過將對跨國企業徵收的稅率提高至15%,自2024年起生效,在高盛監察的OEM生產商預料申洲(02313.HK)將受到潛在影響。 申洲在越南的產量佔比約為27%,而今年柬埔寨產量佔比料達到28%,高盛提醒,柬埔寨也是OECD國家之一,但目前尚未宣布對其企業實際稅率擬作出任何調整,而過往申洲在該兩國的實際稅率為0%至5%,預測今年在越南實際稅率仍為5%,即公司今年整體實際稅率為11%,相比之下,該行覆蓋的其他OEM生產商實際稅率超過20%。 高盛將申洲2024至2025年有效稅率預測上調至13.5%至13.7%,當中已假設來自越南的稅率從5%提升至15%,導致2024至2025年純利預測下調約2%。 該行又指,與中國相比,中洲在海外市場目前的實際稅率仍處於較低水平,公司管理層目前仍在等待更多有關措施的實施細節及觀察實際影響,目標價從100元降至98元,評級「買入」。
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