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大和:維持九興控股(1836.HK)目標價18港元 評級“買入”
格隆匯 10-18 14:51

大和總研發表研究報告指,九興控股(1836.HK)第三季的收入因銷量及零售結構重組而稍為下降,按年跌1.6%,但預計集團層面的營業利潤擴張可能超出預期,預計九興2020年的淨利潤有望可回升至最少1.2億美元,維持目標價18港元,以及“買入”評級。

大和指出,由於九興的休閒鞋出貨量以及歐洲零售業務有高於預期的倒退,因此總收入比預期稍低,但認為這對其營業利潤帶來良好預兆,同時證明九興不斷優化其收入結構。

大和續指,預測九興銷量增長保守,以及更快的零售重組,降低其2019-2021年收入預測1-2%,但提高其2019-2021年的營業利潤預測1-2個百分點。大和又指,管理層透露集團今年9個月的經調整除税前利潤已經超過全年8%之目標,並已達到雙位數增長,認為這對集團具正面影響。

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