大行評級|招商證券國際:上調奈飛目標價至1423美元 第二季收入超預期
招商證券國際發表研究報告指,奈飛第二季收入111億美元,按年增長16%(第一季增長13%)表現超乎預期,收入持續強勁增長,利潤率擴大,營運利潤高出3%。該行又指,價格調整下持續帶來連鎖效益,包括上半年對美國、英國、阿根廷、葡萄牙、法國的價格上調,強勁的訂單管道將推動下半年表現。受外匯順風助力,奈飛上調全年收入預測約2.2%(中間值),至448億至452億美元。該行認爲,奈飛因其低價定位及巨大的市場潛力,具備防守型增長特性;此外,其強勁的第二季表現,持續的內容實力賦予定價能力,故將上調了奈飛盈利預測,目標價上調至1423美元,評級“買入”。長期看漲情境下,奈飛股價達2000美元是可行的,受到預計13%的收入年複合成長率(CAGR)及持續的營運利潤率擴張支持,與管理層的願景展望一致。
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