里昂:重申江南布衣(3306.HK)評級“買入” 目標價15.6港元
里昂發表研究報告,指如之前述及,預期江南布衣(03306.HK)管理層今年將焦點轉至優化戰略及經營效率。隨着2018至2019年推出多個品牌,該行料管理層有需要監測其增長引擎及業務模式,特別是年輕及新興品牌。里昂稱,改造或導致短期增長放緩,但欣賞公司決心推動重整,以避免「硬着陸」,並料可帶來長遠穩定增長。
報告稱,隨着持續加重批發業務佔比,料今年上半年純利增速將快過銷售增長。考慮辦公室遷移料延遲,里昂認為,今年純利10%增長指引屬合理。由於品牌具知名度,料今年同店銷售可維持正增長。該行下調江南布衣2020至2021年度銷售預測介乎5%至6%,但僅下調純利預測介乎1%至2%。
考慮2020至2021年增長展望放緩,里昂下調其估值基礎,由明年預測市盈率15倍降至12倍,目標價相應由20港元降至15.6港元。考慮估值相當於撇除現金後今年預測市盈率7至8倍,股息收益率達8%至9%,重申評級“買入”。

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