富瑞：下调申洲国际(02313)评级至“持有” 目标价降至80港元
富瑞发布报告称，美国服装行业受宏观经济及暖冬预期影响，今年冬季需求放缓，据库存数据显示，美国服装行业未有进行库存补货，估计申洲国际(02313)第四季产量可能开始未达预期，订单放缓也削弱利润率预测，主因产能使用率及营运杠杆减低。在申洲估值偏高下，将评级由“买入”下调至“持有”，目标价由88港元下调至80港元。
该行指出，美国失业率见18个月新高，消费者削减非必需品的开支，另资金成本上升，令品牌及分销商投资库存的欲望减低。中国内地方面，申洲的主要客户，短期内继续清理库存。在内地销售的品牌，自今年第二季起已面对需求未达预期的挑战，该行的调查反映，申洲内地主要客户明年上半年的订单，同比温和增长5%至10%。
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