大摩本间高尔夫(6858.HK)扩展美国业务需时降至“与大市同步”
摩根士丹利发表研究报告指,本间高尔夫(06858.HK)扩张美国业务所带来的盈利增长需时,下调其目标价27.27%至8港元,并将其投资评级由“增持”降至“与大市同步”。

大摩表示,公司除了在日本总部的业务外,其他地方的盈利增长仍需时,尤其美国。另外,该行指,公司在中国正进行产品及渠道策略调整,可能会在短期内限制收入增长。
大摩预期,公司2020财年的毛利率会按年下跌两个百分点,而公司在广告及宣传的投资,加上分店开业的开支,亦会导致营运开支有压力,料2020财年公司的盈利增长将按年持平
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