中金:首予欧舒丹(0973.HK)“跑赢大市”评级 目标价22港元
中金发表报告表示,首予欧舒丹(0973.HK)
“跑赢大市”评级,
予目标价22港元,此相当于预测2020财年及2021财年市盈率各26倍及21倍,指公司作为天然护肤品牌产品行业的领导者,可受惠全球性、较年长消费群需求持续上升。
该行料,公司近期收购LimeLife及Elemis品牌,料可在区域及业务杠杆上提供增长动力,并认为市场仍未完全反映旗下LimeLife及Elemis品牌增长,并相信未来6至12个月的季度业绩可胜预期。
中金料欧舒丹于2020财年及2021财年每股盈利各为0.09及0.12欧元,料其2020至2023财年每股盈利的复合增长率达21%,相信同店销售及旗下LimeLife及Elemis可支持相关增长。
该行指,欧舒丹旗下香港、澳门及亚洲旅客零售业务共占2019财年销售10%,估计香港业务占集团同店销售4至5%,料其旗下香港业务于2019财年销售约6800万欧元。基于香港近期部分事件会明显影响零售行业(零售业于今年6月及7月销售各跌6.7%及11.4%),假设情况持续,中金指按基本情境预测下,2019财年香港零售业务销售按年下跌33%,会拖低集团总体销售1.6%。
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