《大行报告》摩通升普拉达(01913.HK)目标价至29元评级「增持」
摩通发表研究报告指,普拉达(01913.HK)将於8月1日公布上半年业绩,该行预料成绩不理想,销售按固定汇率计下跌1%,按当前汇率计则上升2%至15.46亿欧元,当中已计及减少宣传活动及略正面的正价销售所导致的近2个百分点负面影响。若预测正确,那是自2018年上半年首次出现成功转势讯号後,又再次录得自然销售下跌1%的失望表现。
该行指,明白到6月份正价销售的趋势已略为好转,不过对上半年业务仍未有足够影响力,而稍为令人鼓舞的,就是见到尼龙袋销售特别成功。摩通表示,销售疲弱将引发去杠杆,预料EBITDA按年下跌7%至2.51亿欧元,EBIT下跌11%至1.41亿欧元,盈利则增长11%至1.17亿欧元。但仍将其目标价由28元升至29元,以反映浮动汇率风险下降,并维持评级「增持」。
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