《大行報告》里昂料江南布衣(03306.HK)前景不明朗 目標價降至12元
里昂發表報告指,江南布衣(03306.HK)中期收入及純利分別錄得5%及13%增長,基本符合預期,但相信市場已將關注度轉移至新型肺炎疫情所帶來的影響。該行指,其大部分商店因應疫情於2月份停業,料將在未來數周內逐步恢復營業,雖然目前評估影響是言之尚早,但預期對今年下半年業績打擊不小。
因此,該行降低開店及同店銷售增長預測,並將2020至2022年銷售額預測削減9-21%,將淨利潤預測削減18-46%,假設2021年銷售額可逐步回升至2019年水平,而利潤率則恢復得較慢。考慮到市場仍存不確定性,宏觀環境陰霾密布,管理層選擇停派中期股息,但承諾在2020財年維持派息率75%,為投資者派出定心丸。
里昂指出,江南布衣不似其他快時尚品牌常以大幅度折扣手段促銷,而是專注鞏固品牌形象及與合作夥伴的長期合作關係,所以為春季系列的經銷商提供的100%退款政策,將對收入造成短期壓力。
基於2021年約12倍市盈率,該行將其目標價由15.6元下調至12元,意味著股息率約為6%,重申「買入」評級。
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