大行評級丨花旗:下調頤海國際目標價至16.4港元 下調去年純利預測
花旗發表研究報吿指,將其對頤海國際2024年純利預測下調9.5%,以反映營業利潤預測下降2.8%的和更高的預繳税。該行指,下調去年營業利潤預測主要因為收入預測下降2%,反映了關連方銷售和便利食品銷售預測下降。2024年預繳税上升至5000萬元,與國內子公司向上市公司分配特別股息有關,管理層稱應是一次性事件。
該行另外下調2025年的純利預測1.5%,並維持2026年的純利預測不變,收入預測下降2%,被毛利率因業務組合改善而提高而沖銷。該行預計,去年至2026年各年純利料分別按年跌12%、回升21%及續增10%,撇除外匯損失及單次性預繳税項目後,各年核心純利變化料分別為0%、增10%及增10%。該行將其目標價由16.7港元降至16.4港元,公司現估值相當於預測去年及今年市盈率分別14.2倍及12.9倍,估值相對便宜,維持“買入”評級。
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