《大行報告》匯豐研究降中通快遞-W(02057.HK)目標價至234元 重新關注利潤而非市場份額
匯豐研究發表報告,將中通快遞-W(02057.HK)目標價由250元下調至234元,維持「買入」評級。去年第四季EBIT遜預期,主要因為價格競爭加劇,但派息比率40%屬正面因素,公司指引在價格壓力下,未來將會聚焦於盈利,而多於市場份額。該行將其今明兩年盈利預測下調8%至10%,認為公司在目前的規模及派息前景下,仍然擁有良好的定位。
該行預期公司今年銷售量增長17%,屬公司指引範圍15%至18%的中間水平,下調平均售價預測,以反映價格競爭及服務組合改變的影響,部分被單位成本下跌所抵銷。
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