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里昂:下調新秀麗(1910.HK)目標價至19.8港元 評級“買入”
格隆匯 11-18 09:29
里昂表示,新秀麗(1910.HK) 第三季業績表現疲軟,銷售額受到韓國與香港業務的拖累,儘管該公司一直保持嚴格的成本控制,但美國關税也令其利潤率下降至55.7%,跌幅超出預期。 該行指出,受到關税和年前併購的電商平台eBags第三方品牌減少所影響,新秀麗第三季北美銷售額按年下跌8%,表現令人失望;另一方面,中國、印度和日本表現出色,分別升11%、25%及12%,但部分被韓國及香港14%及22%的跌幅所抵消。
雖然預期不利因素已被消化,但里昂認為第四季仍然充滿挑戰,其中佔公司銷售約5%的香港地區末季或錄得40%至45%跌幅,相信要到明年下半年香港及美國業務才會見起色,對新秀麗維持“ 買入 ”評級,目標價則由24.9港元下調至19.8港元。

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