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花旗欧舒丹(0973.HK)首财季销售增长符预期维持“买入”评级
格隆汇 07-24 17:04

花旗发表报告指,欧舒丹(0973.HK)2020财政年度第一季收入按年升18.8%,大致符合预期,故维持全年收入增长14.7%的预测不变,评级仍为“买入”,目标价维持18.4港元。

该行指,欧舒丹首财季业绩主要由Elemis整合及自然增长4%带动,而同店销售增长2%,主要靠欧洲、巴西及日本市场强劲增长刺激,抵销大中华区及美国市场的跌势。该行表示,除香港及内地市场外,其他市场如美国及日本销售增幅皆高于预期,而英国及法国等市场表现,则受惠于新产品推出及季节性销售活动。

花旗预测,欧舒丹全年营业利润率将按年扩阔80点至11.4%,核心纯利升幅料为14%。花旗表示,欧舒丹现价相当于2020财年预测市盈率19倍,相比同业有30%折让,估值吸引。

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