Market Brief

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Author

邱俊瑜先生 (Porter Yau)
經理

主要按基本因素選股,但有時也會參考圖表、技術分析。除股票外,亦經常研究期權 。歡迎來電賜教或交流心得。
Phone:
36517388

福田實業 00420.HK

Monday, December 12, 2016 Views5242

集團簡介

  - 集團之控股股東為中糧集團(透過中紡集團持有),其為國有企業及國資委的全資附屬公司。
  - 集團為圓筒針織面料生產商,並一直通過提供紡紗、針織、染色、印花及整理等高度垂直之綜合服務而成為環球紡織行業的翹楚。
  - 集團產品包括色紗、縫紉線及成衣,向超過40個國家的成衣製造商提供面料,以製成國際知名品牌的成衣。
  - 集團在中國、斯里蘭卡及印尼設有生產設施。海外市場推廣辦事處及代表處分布8個國家。
  - 集團之主要客戶為位於亞洲的成衣製造商,餘下的則來自位於美洲及歐洲的客戶。

 

截至2016630日止6個月 中期業績 :

 

 

 

 

 

中期業績簡介:

2016上半年錄得營業額30.77億,按年下降3.9%;毛利4.12億元,上升11.8%。純利6802萬元,增長152%,每股盈利5.6港仙。

財報顯示,集團面料業務銷量與2015年同期相提高9.1%。銷量提高主要由策略性地基對穩定的大眾市場客戶投入更多精力及資源所致。

 

棉價於首季度逐漸下跌,亦反映在財政年度上半年布料售價中。因此,布料售價與2015年上半年相比下跌9.3%。因集團大部份廠房均位於中國,人民幣逐漸貶值在長遠而言對集團有利。

 

 

同業比較:

 

短評:

2012年4月,中國中紡集團以5.11億元(相等於每股$1.25)認購4.09億股集團新股份,佔集團擴大後已發行股本34%,成為集團最大股東,將申請清洗豁免。中國中紡集團為國有企業,主要從事紡織及糧油業務。中紡入主後,雖然營業額沒有大幅增長,但毛利及毛利率都穩步向好。另外,流動負債大幅減少,有望持續派發高息。

除了財務穩健外,選擇福田實業的原因係業務比較簡單,周息率,市盈率及市净率亦較同業相對吸引。

集團過往下半年業績都比上半年為好,因此保守估計2016全年每股盈利應有11.2港仙,估計估計派息50港仙。以10倍市盈率計,2016目標價為$1.12。長遠而言,現價與中紡集團入股價仍有約25%折讓,評級為增持!

 

 

 

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