大行评级丨高盛:敏华控股上半年盈利预警远逊于预期,目标价降至3港元

格隆汇
Oct 14
高盛发表报告指,敏华控股发布9月底止2027财年上半年盈利预警,远逊于预期。公司预计期内纯利同比跌70%至90%,对比该行原先预期同比跌31%。管理层将纯利大幅下滑归因于:一是中东冲突后石化产品价格上升带动成本通胀,加上竞争加剧,拖累毛利率;二是早前美国收购项目因原材料成本上升及市场需求疲弱录得经营亏损,相关商誉及其他无形资产出现减值亏损。公司已为该被收购附属公司申请破产保护。剔除一次性减值亏损后,该行估计2027财年上半年纯利同比约跌60%。该行将敏华2027至2029财年每股盈利预测下调15%至35%,目标价由3.5港元降至3港元,维持“中性”评级。

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