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《大行報告》大摩上調互太紡織(01382.HK)目標價上調至5.15元 評級「與大市同步」
阿思達克 11-20 10:06
摩根士丹利發表研究報告,指互太紡織(01382.HK)上半財年表現不錯,加上前景正面,估計將帶動股價短期向上,將公司目標價由4.5元升至5.15元,評級「與大市同步」。

該行指出公司上半財年勢頭好過原先預期,期內淨利較該行預測高出14%,主要受惠毛利率表現及非經營收入,上半財年即使收入減少19%,其毛利率按年僅跌0.3個百分點至17.5%,勝該行預期,主要是由於廠房裁員及加班減少等,另外原材料成本亦向下。期內經營開支則較該行預測高10%,不過出售資產收益5,600萬元帶動了非經營收入方面的表現,亦勝該行預期。

大摩指出現時中國及越南的廠房產能利用率達九成,公司亦預期下半財年收入將達30億元,與該行預測一致,主要是受惠主要客戶包括Uniqlo、L Brands及安踏體育(02020.HK)等訂單復甦,並料下半財年毛利率可維持在17%至18%水平,而原材料成本提升轉嫁至客戶料需時,大摩料下半財年互太紡織淨利潤將按年升33%至4.4億元。

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