《大行报告》大摩:新秀丽(01910.HK)第三季业绩优预期 料明年首季或可收支平衡
摩根士丹利发表的研究报告指,随着疫苗有机会在年底前分发,料亚洲及中国市场复苏或有助新秀丽(01910.HK)在明年首季达收支平衡,维持对公司「增持」评级,目标价13.8元。
该行指出公司第三季销售按年跌65%至5,100万美元,第三季经调整EBITDA录负数,好过该行原先预期,而第三季的「烧钱」速度亦有所减慢,截至第三季末净负债约17亿美元,而该行则料到今年底净负债将为20亿美元。
该行相信公司在成本及现金流管理方面有强劲的执行能力,加上辉瑞(PFE.US)方面有疫苗的好消息,估计去除了未来数月的下行因素,而中国航空交通亦料可慢慢复苏,之後亦会逐步在欧美等地回复,估计2021年市场将逐步将其盈利上行反映在股价上。
在业绩方面期内亚洲区销售虽按年跌63%,但EBITDA仍录190万美元,毛利率亦相对较高。单计10月份亚洲区EBITDA达350万美元,主要受中国市场带动。管理层估计只如销售跌幅收窄至50-55%,料第四季亏损有望进一步收窄,而到明年首季或可达收支平衡,惟因为需要为明年复苏做准备,第四季要开始加大库存,故「烧钱」程度或会较第三季更大。
管理层估计虽然欧美出现第二波疫情,但第四季销售势头将延续第三季表现,现时料接近明年夏季销售会开始明显复苏,而全年销售仍会较2019年跌30-40%,到明年下半年现金流则可转正并录盈利。管理层表示明年亦将继续节省成本,不会太快放宽销售、一般及行政开支的预算,假如业务的不确定性大致去除,会考虑在2021年偿还部分债务。(el/k) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.