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大行評級|中銀國際:下調耐世特目標價至4.5港元 維持“買入”評級
格隆匯 08-15 13:58

中銀國際發表報吿指,耐世特上半年受到外匯折算和客户額外年降的負面影響,收入按年持平,略低於預期;淨利潤按年下跌53.8%至1570萬美元,低於預期,主要由於一些非經常項目計提的影響。毛利率持續改善至10%,EBITDA利潤率也在上半年提升至17.6%。業績會上,管理層表示有信心全年EBITDA利潤率恢復至兩位數水平。

中銀國際將耐世特今明兩年淨利潤預測下調至7800萬和1.11億美元,以反映收入預測的調低和較高的費用率及有效税率假設。但認為一些影響上半年盈利的非經常性項目在下半年大概率不會持續,加之毛利率的進一步改善,預計下半年盈利按年同按季有望大幅改善。中銀國際指,耐世特當前股價對應全年11.9倍預期市盈率和0.4倍市淨率;考慮到公司在全球線控轉向領域的長期競爭力以及來自新能源客户充足的新業務訂單,我們認為估值不貴。該行維持對其“買入”評級,目標價由5.5港元降至4.5港元。

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