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《大行報告》大摩:新秀麗(01910.HK)第三季業績優預期 料明年首季或可收支平衡
阿思達克 11-13 14:35
摩根士丹利發表的研究報告指,隨著疫苗有機會在年底前分發,料亞洲及中國市場復甦或有助新秀麗(01910.HK)在明年首季達收支平衡,維持對公司「增持」評級,目標價13.8元。

該行指出公司第三季銷售按年跌65%至5,100萬美元,第三季經調整EBITDA錄負數,好過該行原先預期,而第三季的「燒錢」速度亦有所減慢,截至第三季末淨負債約17億美元,而該行則料到今年底淨負債將為20億美元。

該行相信公司在成本及現金流管理方面有強勁的執行能力,加上輝瑞(PFE.US)方面有疫苗的好消息,估計去除了未來數月的下行因素,而中國航空交通亦料可慢慢復甦,之後亦會逐步在歐美等地回復,估計2021年市場將逐步將其盈利上行反映在股價上。

在業績方面期內亞洲區銷售雖按年跌63%,但EBITDA仍錄190萬美元,毛利率亦相對較高。單計10月份亞洲區EBITDA達350萬美元,主要受中國市場帶動。管理層估計隻如銷售跌幅收窄至50-55%,料第四季虧損有望進一步收窄,而到明年首季或可達收支平衡,惟因為需要為明年復甦做準備,第四季要開始加大庫存,故「燒錢」程度或會較第三季更大。

管理層估計雖然歐美出現第二波疫情,但第四季銷售勢頭將延續第三季表現,現時料接近明年夏季銷售會開始明顯復甦,而全年銷售仍會較2019年跌30-40%,到明年下半年現金流則可轉正並錄盈利。管理層表示明年亦將繼續節省成本,不會太快放寬銷售、一般及行政開支的預算,假如業務的不確定性大致去除,會考慮在2021年償還部分債務。(el/k) ~

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