大和发布研报称，九兴控股（01836）中期净利润7，860万美元，对比市场预期的7，580万美元，扣除700万美元印尼及菲律宾增产问题的一次性开支，净利润应为8，560万美元，同比跌7%。该行下调对公司今明两年每股盈利预测2%至5%，反映公司厂房增产事件及对指定客户提供暂时性关税支持影响，目标价由17港元上调至20港元，为今明两年平均每年每股盈利预测的12倍，维持“买入”评级。
该行指，去年有100万对鞋提早在上半年付运，形成高基数效应。进一步扣除有关影响（估算800万美元），公司中期净利润实际应同比升2%。该行指，基于公司每年额外6，000万美元利润派发，除非公司把有关资金作用回购，否则今明两年股息率料达10厘，属非常吸引。该行料公司在第三季业绩公布时披露三年净利润增长计划，料2026至2028年年复合增长率目标为为高单位数。
责任编辑：史丽君
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