大和:首予寶尊電商(9991.HK)“買入”評級 目標價130港元
大和總研發表研究報告指,寶尊電商(9991.HK)第三季的季節性因素減弱,收入有望在第四季恢復,預期第三季的非通用會計準則營業利潤率按年升0.9個百分點至6%。該行首予其“買入”評級,以及目標價130港元。
大和預期,寶尊第三季收入按年升19%,當中實物商品網上銷售按年升17.2%,按年及按季皆放緩。大和續指,在“618購物節”之後,寶尊開始了進一步的品牌優化,認為新品牌至少需要一至兩個個季度才能提升其總成交金額(GMV)。
大和指,鑑於今年的“雙十一”延長了3天,預計公司將實現強勁的GMV增長,第四季的收入將按年增長25%。該行又預計寶尊的收入將在2021年重新加速,並按年增長30%;預計2020-22年非通用會計準則每股盈利複合年增長率為29.3%。

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