大行評級|大摩:予申洲國際“增持”評級 關注下半年訂單及毛利率趨勢指引
摩根士丹利發表研究報吿指,申洲國際上半年純利按年增長38%,較大摩及市場普遍預期各高11%及9%,主要來自於毛利率提升、營運開支減少、非經營性收入增加,以及税率下降所帶動。公司中期收入按年增長12%,則較大摩及市場預期低9%及4%。
大摩指,雖然期內Uniqlo及Adidas銷售增長34%及23%,但仍受到Nike銷售額按年下跌6%以及Puma表現持平所抵銷,目前較為關注管理層對今年下半年訂單表現的指引及毛利率未來趨勢,給予“增持”評級,目標價為95港元。
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