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大摩:新秀麗(1910.HK)季績勝預期 重申“增持”評級
格隆匯 08-20 17:36

新秀麗(1910.HK)公佈中期業績後,獲摩根士丹利重申“增持評級,認為現時其風險回報較6月時更吸引,目標價為13.8港元。

報告指出,新秀麗第二季表現勝預期,無論是EBITDA、成本控制、燒錢情況和內地業績復甦,均較預期為佳,隨着第二季業務狀況見底及前景清晰,相信現時風險回報更佳。

大摩讚揚新秀麗管理層在危機處理方面表現出色,在當前經營困境下,管理層除了嚴控成本外及有效管理營運資金外,公司還有餘力推出新產品,並積極與批發客户保持聯繫,以擬定明年業務大計。大摩相信新秀麗在危機過後,競爭力會加強。

報告指,雖然新秀麗第二季的34%毛利率,遠低於大摩預期,但管理層估計,公司下半年毛利率可回升至50%的水平,若然屬實,公司盈利將有向上潛力。新秀麗第二季“燒錢”約1.67億美元,管理層預期,第三季“燒錢”速度與第二季相若,而第四季則可望改善。

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