《大行報告》瑞銀降敏華(01999.HK)目標價至6.3元 不利因素可能已消化
瑞銀發表研究報告指,敏華(01999.HK)現價很大程度反映投資者看淡其基本面。基於需求黯淡及阿爾法系數(Alpha)下降,對國內業務保守,預期消費降級和市場競爭對利潤率構成壓力。至於出口業務較為正面,相信未來幾個季度,繼續受惠於訂單復常、下游庫存問題解決。該行預期,公司2024及25財年的每股盈測,分別為0.58元及0.53元,目標價由9.2元下調至6.3元,維持「買入」評級,認為不利因素可能已消化。
該行認為,除了樓市放緩外,市場份額的增長潛力,亦未如三年前吸引。經過2020至21年的積極擴充後,估計去年在中國沙發市場市佔率約15%。不過,鑑於行業性質,市場高度整合的可能性較低。
該行表示,儘管出口不再是最重要的收入驅動力,但仍然可以帶動其股價上升,預計出口在2025財年持續復甦,從而抵銷了國內業務的阻力。
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