《大行報告》花旗降頤海國際(01579.HK)目標價至14.5元 上季銷售放緩今年增長前景未變
花旗發表報告指,頤海國際(01579.HK)去年第四季銷售放緩,但今年增長前景未受影響。自去年10月起,來自第三方的銷售趨勢放緩,主要受累於消費氣氛疲弱,相關情況在去年12月惡化,因為農曆年日期不同,令前年比較基數較高。
管理層預期,今年第三方銷售有雙位數增長,主要因為網上渠道、海外市場、對業務端的銷售(To B)及新產品銷售均有增長,估計第三方業務產品組合改善,並受惠規模效益,毛利率持續提升。
該行將公司2023至2025年的純利預測下調5%,收入預測下調3%,目標價由18.6元下調至14.5元,以反映股市疲弱的影響,今年預測市盈率11倍,估值不算高,維持「買入」評級。
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