大行评级|小摩:维持申洲国际“增持”评级,预期下半年订单将按季改善

格隆汇
Aug 10
摩根大通发表报告指,申洲国际发盈警,预期上半年盈利同比下跌38%至43%,较该行原预测的下跌30%更差。该行认为,盈利跌幅较大可能因关税分担、原材料及劳工成本上升,以及汇兑影响导致毛利率收缩幅度较预期严峻。按客户划分,该行预计Puma及Nike将成为主要拖累,惟Adidas及安踏、李宁等内地品牌强劲增长可部分抵销影响。该行预期,下半年订单将按季改善,因申洲在核心客户中进一步扩大市场份额,加上客户信心可能改善及基数较低。该行维持申洲国际“增持”评级,目标价70港元,相当于12个月预测市盈率17倍。

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