大行評級|花旗:上調敏華目標價至10.5港元 上調2025至26財年盈測
花旗發表報吿指出,敏華2024財年主營收益及淨利潤分別按年升6.1%及20.2%,至184.11億及23億元,均超過預期的181.4億及22.3億元水平。該行引述敏華管理層指出,雖然公司仍面臨房地產市場放緩的宏觀挑戰,但在去庫存後,海外業務勢頭似乎跑贏中國業務。公司將繼續擴大市場份額,於低線城市開設新店,並維持提高中國市場沙發的滲透率,縮小與歐美市場的差距。
該行對敏華2025至2026財年盈利預測上調12%至19%,主要反映該行上調對其毛利率預測,目標價由8.5港元上調至10.5港元,對應2025財年預測市盈率16倍,評級“買入”。
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