《大行報告》野村升歐舒丹(00973.HK)評級至「買入」上調目標價至18.3元
野村發表報告表示,歐舒丹(00973.HK)2020財年首財季之收入按固定匯率計按年增長16.2%,主要推動力為自今年3月開始合併新收購的英國品牌「ELEMIS」,該品牌在首財季的銷售錄得9.3%的上升,並佔集團總銷售11.5%。
該行表示,歐舒丹核心品牌的銷售在首財季按年上升4.1%,增長較2019財年的3.5%有所加快1,而同店銷售增長亦由2019財年的1.8%,至2019財年首財季輕微改善至2%。
野村稱,上調對歐舒丹投資評級,由「中性」升至「買入」,目標價亦由14.5元升至18.3元,此相當預測2020財年市盈率19倍。此外,該行上調歐舒丹於2020至2022財年的盈利預測各27%至35%,以反映「ELEMIS」品牌併表,相信該品牌將為歐舒丹帶來盈利和毛利率增長,預計集團2020財年的整體經營毛利率將按年增長1.7個百分點至12.3%。而該行指,歐舒丹目前估值亦吸引,相當於2020財年市盈率16倍。
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