大行評級|星展:上調耐世特目標價至7.5港元 維持“買入”評級
星展發表研究報告指,耐世特去年業績因爲較高的稅務開支而不如預期,不過毛利因爲北美業務重組及內地增長而呈復甦。去年贏得新業務穩定於60億美元,包括線控轉向(steer-by-wire)技術。該行下調對其今明兩年盈測各13%,不過EBITDA利潤率復甦料如期推進。
該行將目標價由4.5港元上調至7.5港元,維持“買入”評級。星展預計,公司2024年至2026年的收入及盈利增長之年均複合增長率分別達5%及50%,高於同業。另外,該行料其今年EBITDA利潤率改善至逾10%,主要受到亞太區持續增長以及北美重組。
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