大行評級|摩根大通:下調申洲國際目標價至88港元 維持“增持”評級
摩根大通發表報吿指出,申洲國際的股價自4月3日起下跌超過20%(相較之下,恒生指數下跌8.5%),摩通認為這主要由於對關税問題的擔憂。儘管中美貿易衝突升級,摩通認為股價反應過度,因為:1)申洲已建立成熟的海外產能(超過50%的服裝產能,主要在越南和柬埔寨),足以承接美國訂單;2)美國對越南的額外關税(46%)已於4月10日起暫緩90天(10%的普遍關税仍有效);3)越南與美國已同意啟動“互惠”貿易協議談判。摩通將申洲2025至2027財年的盈利預測下調3%至7%,以反映關税對全球需求的影響,目標價由96港元下調至88港元,維持“增持”評級。該行看好申洲,第一是持續的海外產能擴張;第二是與核心客户擴大市場份額及與新興客户穩步建立關係的機會;第三是對ESG和自動化的持續關注,以推動可持續增長;第四是海外產能的本地化。
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