野村升欧舒丹(0973.HK)评级至买入料ELEMIS成增长引擎
野村发表研究报告预测,欧舒丹(0973.HK)旗下ELEMIS将成为集团新的增长引擎,因此上调集团2020-2022年度的盈利预测27-35%,以反映整合ELEMIS之得益,并将目标价调升26.2%,由14.5港元升至18.3港元,评级亦由“中性”升至“买入”,相信ELEMIS将可提升集团的盈利和利润率。
野村现时预计,欧舒丹2020年度的营运利润率按年可增1.7个百分点至12.3%,并认为现为16倍的市盈率吸引。
报告指出,虽然欧舒丹销售额及同店销售增长轻微加快,惟其核心品牌在不同市场的表现仍然颠簸,以固定汇率计算,首财季收入按年增加16.2%,美国市场维持疲弱,同店销售减少2.6%,欧洲及日本市场则略为好转,法国、英国和日本的同店销售分别增加7.4%、4.9%及2.5%,比去年度倒退2.1%、0.1%及0.3%有所改善。
报告预计,整合ELEMIS将可提升集团销售额11%及纯利27%,而首财季来自ELEMIS的销售额按年增加9.3%,占总销售11.5%,增长放缓的主要受累于海运渠道暂时性转弱,而英美等核心市场仍然录得双位数增长。管理层计划2020年度将ELEMIS引进几个新市场,今年9月更会登陆内地的天猫国际。
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