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大行評級|建銀國際:下調敏華控股目標價至6.5港元 海外盈利增長見韌性
格隆匯 11-25 12:31
建銀國際發表研報指,敏華控股9月底止2025財年上半年盈利大致持平,主要由於海外增長及利潤率擴張。該行預期,隨中國內地廣泛的刺激措施見效,敏華在中國內地的銷售額將於2025財年下半年及2026財年逐漸穩定。另外,建銀國際將敏華2025至2026財年淨利預測下調12%至14%。不過該行同時認為,敏華在充滿挑戰的上半財年再次展現了其業務韌性,並抓住海外機遇,實現高利潤率及穩定利潤,預計一旦整體消費改善,公司加強在中國內地分銷的努力將得到回報。建銀國際將敏華目標價由7.6港元下調至6.5港元,維持“跑贏大市”評級。
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