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高盛升宝胜国际(3813.HK)目标价至2.8港元上调评级至“买入”
格隆汇 08-20 10:32

高盛发表研究报告称,宝胜国际(3813.HK)上半年业绩优于预期,对其看法更加正面,因其线下店铺升级及加强线上业务推动销售趋势稳健、受惠全渠道策略,以及库存管理、销售折扣及经营杠杆改善,令毛利上升。该行上调宝胜目标价及评级,目标价调升29%,由2.17港元上调至2.8港元,评级由“中性”升至“买入”。

该行指出,相比宝胜上一次上升及下跌周期(2015至2017年),相信今次集团的盈利复苏与之前不同,包括直接面向消费者与线下品牌销售的增长更为平衡、线上业务增加,以及小型新兴品牌带来的影响减少。

该行表示,考虑到集团销售及毛利趋势改善,上调对其2019至2021年净收入预测3至35%,预计集团2018至2021年销售及净收入复合年增长率达16%及32%。相比之下,该股现价相当于2019及2020年预测市盈率15倍及11倍,估值吸引。 

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