花旗发布研报称,维持裕元集团(00551)“中性”评级,目标价由16.8港元下调至15.8港元。该行称,受客户补货支持,去年裕元集团制造业务毛利率大幅扩张后,预期进一步扩张毛利率的空间有限,需求前景审慎,将裕元集团2025至2026财年盈利预测下调7%至10%。
花旗指出,裕元集团2024财年盈利同比增加42.8%至3.92亿美元(下同),低于早前公布盈警的指引中间点约4.33亿美元,主要由于印尼子公司一次性税务争议4,050万美元所致。若计及此项目,盈利表现则符合指引中间点。至于末期股息每股0.9港元(或全年度股息每股1.3港元),与该行预测一致。
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