花旗升普拉达(1913.HK)目标价至20港元评级维持“沽售”
花旗发表研究报告,将普拉达(01913.HK)2019年度及2020年度息税前利润(EBIT)预测分别调高3%及7%,至分别3.19亿欧元及3.52亿欧元,并将经调整後每股盈利调低13%及8%,至分别10欧仙及8欧仙,收入预测则大致不变,料分别录31.88亿欧元及33.18亿欧元。

报告指,上述调整主因《国际财务报告准则第16号》(IFRS16)实施后,各年EBIT料录2,500万欧元增长,惟被IFRS 16实施後,较高的净财务费用及经调整税率上升所抵销。展望下半年表现,预料该股在固定汇率下,销售下跌1%,毛利率扩张40基点至72.4%,经营开支按年增约3%,以及EBIT按年跌6%至约1.68亿欧元。该行将普拉达目标价由19港元升至20港元,惟评级维持“沽售”,反映盈利复苏路艰难。
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