《大行報告》瑞信首予時代天使(06699.HK)「跑輸大市」評級 目標價287元
瑞信發表研究報告,指時代天使(06699.HK)可受惠咬合不正治療趨普及,以及透明矯正器箍牙滲透增加,料其2020至2023年收入及純利年均複合增長率分別達37%及43%,主因銷量增長、規模效益以及經營槓桿帶動。
該行預期,透明矯正器箍牙將持續取代傳統牙套的市場,至2030年在牙齒矯正科市場佔有率料達40%,較去年的20%擴大一倍,主因更加美觀及舒服;減少病人往返診所頻率;以及更受牙醫歡迎。
瑞信表示,看好時代天使強勁研發能力,對牙醫的支援到位,以及有多元化產品的供應,照顧不同客戶需要。該行相信公司較同業有更大機會滲透至更遍遠城市,料是下一個牙科戰場。不過,該行相信現時股價已完全反映上述利好因素,現估值相當於明年預測市盈率124倍,或市盈增長率5倍,首予「跑輸大市」評級,目標價287元。
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