大摩:下調好孩子(1086.HK)目標價至1.7港元 評級“與大市同步”
摩根士丹利發表研究報告,指好孩子國際(01086.HK)在幼兒產品市場有良好定位,擁有多元化的品牌及產品組合,以及出色的製造及研發能力。該行相信公司能受惠於主要經濟體的高端化趨勢。旗下品牌Cybex理應能保持其強勁的增長勢頭,這是得益於其供應鏈加強及持續的產品類目擴展。
然而,報告稱公司或在中國及美國市場面臨一些挑戰。就中國而言,新生兒數目下降,加上新興線上競爭將會對公司的營運帶來壓力,尤其是在批發渠道方面。在美國方面,玩具反斗城的渠道結束使分銷更集中在龍頭零售商之間,降低了公司的議價能力,而品牌Evenflo的新產品推出或會逐漸恢復增長。
該行將公司的目標價由原來的2.8港元下調至1.7港元,認為公司的估值似乎會在短期保持在低位,直至公司從目前的低位出現有意義的盈利復甦,投資評級為“與大市同步”,惟該行指由於資源重新分配,將會停止對好孩子的覆蓋。

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