大行評級|花旗:下調裕元集團目標價至15.8港元 下調2025至26財年盈利預測
花旗發表研報指,裕元集團2024財年盈利按年增加42.8%至3.92億美元,低於早前公佈盈警的指引中間點約4.33億美元,主要由於印尼子公司一次性稅務爭議4050萬美元所致。若計及此項目,盈利表現則符合指引中間點。至於末期股息每股0.9港元(或全年度股息每股1.3港元),與該行預測一致。
花旗提及,受客戶補貨支持,去年裕元集團製造業務毛利率大幅擴張後,預期進一步擴張毛利率的空間有限。由於需求前景審慎,該行將裕元集團2025至2026財年盈利預測下調7%至10%,同時將該股的目標價由16.8港元下調至15.8港元,目前維持“中性”評級。
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