野村升欧舒丹(0973.HK)评级至“买入”上调目标价至18.3港元
野村发表报告表示,欧舒丹(00973.HK)2020财年首财季之收入按固定汇率计按年增长16.2%,主要推动力为自今年3月开始合并新收购的英国品牌「ELEMIS」,该品牌在首财季的销售录得9.3%的上升,并占集团总销售11.5%。

该行表示,欧舒丹核心品牌的销售在首财季按年上升4.1%,增长较2019财年的3.5%有所加快1,而同店销售增长亦由2019财年的1.8%,至2019财年首财季轻微改善至2%。
野村称,上调对欧舒丹投资评级,由“中性”升至“买入”,目标价亦由14.5港元升至18.3港元,此相当预测2020财年市盈率19倍。此外,该行上调欧舒丹于2020至2022财年的盈利预测各27%至35%,以反映「ELEMIS」品牌并表,相信该品牌将为欧舒丹带来盈利和毛利率增长,预计集团2020财年的整体经营毛利率将按年增长1.7个百分点至12.3%。而该行指,欧舒丹目前估值亦吸引,相当於2020财年市盈率16倍。
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