《大行報告》匯豐研究降維達(03331.HK)評級至「持有」 目標價上調至22.8元
匯豐研究發表報告,指出維達國際(03331.HK)首季純利按年增長65%,收入按年跌16%,毛利率按季上升1.4個百分點至37.5%,營業利潤率按季增長2.2個百分點至15.4%。該行引述管理層指,公司仍維持今年的收入目標有雙位數增長。另外,即使促銷活動在第二季正常化,管理層仍希望在更佳的利用率及高端產品更強勁的增長支持下,繼續維持營業利潤率的水平。
該行現時預期公司的內在銷售將會在第二季回復至增長13%,有別於首季跌12%,並會在第三季隨著庫存增加而進一步加快至增長25%,然後在第四季回復至19%的正常增長,令全年的增長率為11%。
匯豐上調維達今明兩年純利預測分別14.6%及3.9%,料今年列帳收入升8%,純利升54%,高於市場同業預測。不過,該行認為增長前景或已經反映在股價。匯豐將維達投資評級由原來的「買入」下調至「持有」,以現金流折現率計,目標價由原來的21.6元上調至22.8元,相當於明年預測市盈率15倍。
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