瑞信:微降中興(0763.HK)目標價至31港元 評級“跑贏大市”
瑞信發表研究報告指,中興(00763.HK)三季收入及利潤分別196億元人民幣及27億元人民幣,各按年升2%及3.7倍,較該行預期分別低5%及高5%,並符合指引。受惠較良好的毛利率及經營開支下跌,經營溢利勝預期。公司目標2019年度盈利43億元人民幣至53億元人民幣,按年增1.6倍及1.8倍,符合預期。該行預期第四季銷售維持按年持平。
該行指,中興近日已收到中證監批准私人配售最多130億元人民幣之建議,但由於未有正式時間表,故未將該因素納入考慮當中。不過預料若配售價為30元人民幣,完成配售時將有潛在的10%下跌可能。該行將中興目標價由31.4港元微降至31港元,維持評級“跑贏大市”。

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