大行評級丨花旗:下調偉易達目標價至62港元 下調2026至27財年盈利預測
花旗發表研究報告指,偉易達截至3月底止財年純利跌5.9%至1.568億美元,較該行此前預測的1.796億美元低出約13%。業績遜預期主因(1)美國獨立日前庫存積壓推高製造費用和直接人工成本;(2)收購Gigaset導致營運開支及稅率上升。基於此,該行對其2026至2027財年盈利預測下調23%至24%,並引入2028財年預測。報告稱,參照歷史均值及2026財年7%至8%的股息收益率支持,該行將目標價由65港元下調至62港元,評級“買入”。作爲關稅應對策略,偉易達計劃將海外生產基地佔比從當前的25%提升至2026財年的35%以服務美國市場。雖然預計業績遜色將導致股價短期承壓,但該行認爲2027財年起將重拾增長動能。當前股息收益率超過8%,任何股價弱勢都可能提供更佳買入機會。
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