《大行報告》大和升裕元(00551.HK)目標價至13元 評級「買入」
大和發表研究報告指,裕元(00551.HK)公布上季業績後,淨利潤大幅超出預期,其股價於昨日(14日)上升33%,估值和股息收益率仍然吸引。大和表示,裕元仍然是其今年十大選股之一,上調集團2024至26年的每股盈測17至21%,重申「買入」評級,目標價由11元上調至13元。
該行提到,雖然公司在印尼新工廠的建設可能會有潛在的負面影響,但管理層的毛利率目標為19至20%。該行相信,集團首季的毛利率可能會面臨中國農曆新年和印尼齋戒月的負面影響。管理層將繼續專注於營運成本控制,並繼續提高營運利潤率。
大和預計,裕元今年的收入將實現中個位數增長。集團又恢復現有工廠的部分產能擴張,今年資本支出計劃為2億至3億美元。該行認為集團派息令人驚喜,並相信其將在今明兩年繼續提高股息。
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