《大行報告》高盛降普拉達(01913.HK)評級至「沽售」目標價下調至21.4元
高盛發表研究報告,下調普拉達(01913.HK)2019至2024年盈測22%,指其股價本年至今跑輸同業10%,源於市場憂慮其增長放緩及毛利弱勢。報告指,普拉達估值相當於明年預測市盈率32倍,高於同業平均的23.8倍,評級由「中性」下調至「沽售」,目標價由26.7元降至21.4元。
報告稱,普拉達去年息稅前利潤(EBIT)率僅10.3%,屬有紀錄最低,遠低於2012年高峰的27%。惟高盛料普拉達EBIT利潤率今年進一步跌至9.7%,但這已假設有嚴謹成本控制及有限的品牌開支。報告補充,假設沒有成本控制計劃及更具體戰略重新加快銷售動力,但有需要進一步投資維持市場份額,普拉達利潤率將會有進一步下行壓力。
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