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野村:下調維珍妮(2199.HK)目標價至6.5港元 評級“買入”
格隆匯 11-27 10:59
野村發表報告指,維珍妮(2199.HK) 2020財年中期收入雖然增長2.1%,但較該行預期疲弱,主要是受到功能性運動產品業務拖累,由於與Under Armour的鞋類產品戰略終止,加上其他運動服裝客户毛利率低,導致該業務收入按年下跌53%。
該行表示,集團管理層提到下半財年的訂單非常強勁,希望可額外聘請4000名員工擴展產能。因未來訂單強勁及早前的訂單削減影響正常化,該行預期維珍妮下半財年的銷售增長會改善至按年上升10%,並對其毛利率前景保持正面。
野村下調對維珍妮2020至2022財年的盈利預測16%至18%,以反映收入增長較低,股份目標價由7.3港元降至6.5港元,評級維持“ 買入 ”。

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