麦格理上调普拉达(1913.HK)目标价至30.4港元维持“跑赢大市”评级
麦格理发表研究报告,维持普拉达(01913.HK)“跑赢大市”投资评级,目标价由原来的27港元上调至30.4港元。公司上半年收入按年增长2%,息税前利润(EBIT)下跌13%至约1.5亿欧元,胜该行预期25%,惟符市场预期。该行欣赏管理层致力于减少促销,以及理顺批发渠道,相信这些措施将会为公司2020年的全面复苏铺路。

报告称,在7月的数据中,除了香港(对集团零售销售占比5%)外,普拉达其他地区均维持与6月相似的势头。至於在批发方面,预期相关表现将会在今年下半年录双位数增长。该行又认为,由于非减价产品的销售改善以及批发的贡献减少,公司的毛利率将会在下半年上升至72.6%。
该行又指,普拉达并不打算以店铺扩张为目标,而是透过将商店改造及搬迁来提升店铺效益。另外,麦格理将其2019至2021年各年的纯利预测分别下调5%、16%及20%。
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