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花旗:歐舒丹(0973.HK)全年業績符預期 維持目標價13.6港元
格隆匯 06-30 16:54

花旗發表研究報告指出,歐舒丹(0973.HK)截至今年3月底止年度的核心純利按年上升3%至1.21億歐元,符合花旗的預期,待下月公佈2021年度首財季營運數據後,花旗將再審視其預期數字,暫時維持13.6港元的目標價不變,評級仍為“買入

報告指出,歐舒丹全年收入增加15%至16億歐元,主要受惠於2%的自然增長、有利的匯兑收入及併購貢益,營運利潤率提高80點子至11.4%,主要得益於分銷開支對銷售收入比率減少,以及推廣開支下降。集團派息減少25%,意味派息率由2019年度的37%下降至2020年度的28%。

花旗現時估計歐舒丹2021年度將少賺28%,但2022年度盈利會回升29%,惟仍低於2020年度。

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