《大行報告》花旗下調偉易達(00303.HK)目標價至48元 評級「沽售」
花旗發表研究報告指出,偉易達(00303.HK)於2022財年的收入按年近持平報23.7億美元,惟受累半導體短缺、供應鏈中斷及原材料成本上漲,致毛利率收縮2.4個百分點至28.2%,拖累純利跌24%至1.73億美元,略為低過該行預期的1.8億美元;估計公司表現將優於同業,但預期歐美宏觀經濟將放緩,加上近期中國「封城」令供應鏈中斷的影響下,預期公司仍面臨盈利下行風險,維持「沽售」評級。
計及末期息,偉易達全年派息每股68美仙,按年跌25%;其維持派息比率99%,以現股價計股息收益率達9.7%。該行將公司2023及2024財年每股盈測下調3%至4%,目標價由56元降至48元,以反映全球經濟放緩影響。
展望未來,由於宏觀放緩,偉易達未必可藉銷售均價上升重拾定價能力,管理層預期今年毛利率平穩。
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