里昂:升歐舒丹(0973.HK)評級至“買入” 目標價上調至22.9港元
里昂發表的研究報告指,歐舒丹(0973.HK)
2020財年次季銷售按年增長26%至3.75億歐元,按固定匯率計算則升22%,符該行預期,期內同店銷售升2%,如撇除來自Elemis的貢獻,銷售按年增長11%。該行指出按固定匯率計算,所有品牌均有可觀增長,當中受惠“
Reset
”精華帶動歐舒丹品牌銷售升7%,而Limelife受惠新產品推出銷售亦轉升5%,其他品牌亦有10%或以上增長。期內公司淨開店38家,令店鋪總數增至1593家。
里昂指出公司在中國增長勢頭強勁,第二財季同店銷售升14%,主要受惠在微信及網紅宣傳策略,管理層對中國區業務勢頭看法樂觀。而其他市場同店銷售均有正面表現,法國及俄羅斯同店銷售分別升6%及4%。日本同店銷售則跌3%,相信第三財季受消費税增加及10月份颱風影響跌勢或擴大。而香港及美國同店銷售均呈弱勢,分別跌22%及5%。該行指出公司在2020財年開始整合Elemis品牌,認為可貢獻收入的12%,考慮到其經營利潤率達20%左右,相信2020財年可帶來2400萬歐元的經營利潤,加上公司開始在多個新的市場推Elemis品牌,包括俄羅斯及中國,並計劃進軍亞洲更多國家。
該行調整了對公司的收入預測,以反映中國及歐洲強勁的勢頭,以及香港及日本市場的弱勢,將目標價由18.5港元升至22.9港元,評級由“
跑贏大市
”升至“
買入
”。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.