手套跌价 速柏玛(SUPERMX,7106,主板医疗保健组)财测下修
●全球胶手套平均价下行,且速柏玛(SUPERMX,7106,主板医疗保健组)不准出口至价格优渥的北美洲,联昌研究调低今后3财政年财测1至42.6%。
继美国(占速柏玛上财政年20%销售)之后,速柏玛产品11月中再遭加拿大禁令,原因同样是强迫劳动。这让速柏玛只好转向平均价较低的市场售卖手套。
联昌表示,全球各生产商竞相投产、客户订购手套放缓和更少的现货购买,使得全球平均手套价下行。
当前每千个丁腈手套和天然乳胶手套售价介于28至30美元和23至25美元;相比疫情前水平各为22至24美元和18至20美元。
速柏玛预期在手套平均价上更受压力,其一是疫情高峰期该公司是调高售价先驱,其25至30%销售为现货订单(2021财政年下半年,或今年3月与6月杪);很多为自主品牌,因此可享贸易与制造利润。
联昌调低今后3财政年的混合平均手套价,即从前期45、29、28美元,调整至43、27、26美元;每股盈利相应调低1%至42.6%(下个与后个财政年24.5%至42.6%)。
有鉴于此,分析员也把速柏玛目标价从1令吉86仙调低至1令吉30仙,2023年本益比13.6倍,比5年平均的17倍折价20%(主要为强迫劳动指控的ESG疑虑),评级保持“守住”。
https://www.sinchew.com.my/20211216/%E6%89%8B%E5%A5%97%E8%B7%8C%E4%BB%B7-%E9%80%9F%E6%9F%8F%E7%8E%9B%E8%B4%A2%E6%B5%8B%E4%B8%8B%E4%BF%AE/
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