大行评级|小摩:耐世特上半年业绩胜预期,目标价升至5港元

格隆汇
Aug 13
摩根大通发表研报指,耐世特上半年业绩胜预期,收入同比升3.9%至23.3亿美元,纯利升35%至约8600万美元,均胜该行预期,主要受惠于外汇兑换顺风及有效税率低于预期。展望下半年,管理层预期全球汽车生产同比倒退3%,但维持今年跑赢市场介乎200至300个基点的指引,受新项目启动支持。该行上调对其今明两年盈测分别19%及5%,目标价由4.5港元升至5港元,相当于预测明年市盈率8倍,考虑持续利润率复苏及长期线控转向(SbW)机遇被短期全球汽车生产展望转弱抵销,评级“中性”。

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