《大行報告》摩通下調國藥(01099.HK)目標價27%至24元 評級「增持」
摩根大通發表報告指,國藥控股(01099.HK)發盈警,料今年首兩個月的純利按年下跌約50%,主要受累於新型冠狀病毒疫情爆發,使收入增長疲弱,而集中採購計劃亦令毛利率受壓。該行維持對國藥的「增持」評級,但股份目標價下調約27%,由33元降至24元,以反映該行下調集團今明兩年盈利預測;另目標價降幅大於每股盈測降幅,主因營運資金的改善進度或較先前為慢。摩通又稱,國藥昨日(9日)股價下跌11%,相信市場對集團的盈利警告或過度反應。該行料國藥2019至2021年間收入及純利年均複合增長分別15%及10%。該行下調其今年收入及純利預測分別5%及7%,以反映疫情對營運負面影響。另摩通稱,值得注意,調整國藥盈測外,其每股盈測另有5%攤薄影響,因公司在今年1月完成1.49億股H股配股。
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