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麥格理:升歐舒丹(0973.HK)目標價至23港元 評級“跑贏大市”
格隆匯 01-22 11:17

麥格理髮表研究報告指出,歐舒丹(00973.HK)2020財年第三季度新品牌表現疲軟拖累經營溢利率,但核心品牌及去年新併入的ELEMIS業績表現推動利潤率回升,維持“跑贏大市”評級。

報告指,於去年12月底止季度,歐舒丹中國業務受「雙十一」及「雙十二」帶動,台灣及俄羅斯地區表現亦繼續向好,而香港、法國及日本是最弱的地區。該行指出,香港雖持續為表現最差地區,但同店銷售跌幅於去年12月份有所收窄,美國同店銷售亦轉正,預測集團2020及2021財年整體同店銷售可增長0.8%及3.4%。

基於歐舒丹第三季度運營數據,該行將2020及21財年的淨利潤預測下調4.4%及2.6%,估計盈利分別按年增長18.8%及12.7%,至1.4億歐元及1.58億歐元;基於2021年24倍市盈率,目標價由21港元升至23港元。

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