富瑞:降佐丹奴(0709.HK)目標價至1.8港元 料今年充滿挑戰
富瑞發表研究報告指,今年將會是佐丹奴國際(0709.HK)充滿挑戰的一年,預計香港及中國業務的虧損將按年增加。該行下調公司目標價28.9%,由原來的2.53港元降至1.8港元,維持“持有”評級。
富瑞表示,香港市場的疲弱是由外圍因素引起,但中國市場方面,品牌需要找到一個合適的商業模式去與消費者保持聯繫。不過幸好東南亞和中東的穩定表現有助抵銷香港及中國的困境。
該行指,公司今年的表現將受到新型冠狀病毒肺炎疫情爆發的影響,特別是今年上半年的香港及中國業務。同時香港的社會運動,以及中美貿易戰都會繼續為其業務帶來不確定性。
該行又將公司今、明兩年的純利預測下調70%及31%,以反映疫情的影響,並預料2022年的銷售及息税前盈利將恢復至2019年的水平。

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