大行評級|高盛:上調裕元目標價至19港元 重申“買入”評級
高盛發表研究報吿指,基於裕元代工生產(OEM)業務利潤表現強勁,決定將其2024至2026財年淨收入預測上調8%至11%。同時考慮到公司利潤及訂單的可見性,決定將其市盈率由9倍修訂至11倍。該行指裕元管理層計劃保持穩定的派息比率,並估計其收益率約為8%。基於上述因素,該行將裕元的目標價由14.2港元上調至19港元,並重申“買入”評級。
該行引述裕元管理層指,對公司OEM訂單持樂觀態度,並維持今年銷售增長中至高單位數的業績指引,亦表示會於公司毛利潤趨向正常化及穩定時,持續控制銷售及行政支出費用。裕元管理層亦重申,公司2024年度的全年資本開支將介乎2億美元至3億美元,除了透過現有或新工廠增加產能,亦會於印尼或印度尋找產能擴張機會。
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