智通财经APP获悉，摩根大通发报告指，下调超盈国际控股(02111)目标价10.5%，从3.8港元下调至3.4港元，维持“增持”评级。小摩下调对超盈国际控股2025-2027财年盈利预测4-9%，考虑关税对全球需求的影响。
小摩指，超盈国际控股股价自从4月3日以来已经下跌超过30%，相信主要由于关税问题。相信受关税调整已经过度，原因包括:1)美国的订单(公司50%的收入来自美国)都在海外制造和出口;2)美国对越南46%的额外关税自4月10日起已经暂缓90天;3)越南和美国已经同意就“对等”关税展开协商。
小摩在参观该公司工厂时认为，服装厂和客户都保持冷静，目前没有对订单采取任何行动。该行认为对于越南的额外关税将转嫁到美国消费者，部分由整个供应链承担，这可能导致美国订单前景不明朗以及利润更低，后续这样的影响可能会随著持续不断的美国越南谈判而进一步减轻。
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