《大行报告》麦格理上调新秀丽(01910.HK)目标价至16.2元 评级「跑赢大市」
麦格理发表研究报告指,新秀丽(01910.HK)第三季度业绩表现不错,收入按年跌64.7%,经营亏损由次季的2.21亿美元收窄至8,050万美元,较该行预测的亏损1.79亿美元为低。
报告指,新秀丽业务持续改善,10月份收入按年跌幅收窄至58%,9月份中国直接面向消费者(DTC)业务按年升30%,预期一旦全球出旅活动恢复,其新产品料可赶上市场需求。该行预计明年上半年及下半年收入可分别增长10%及60%,并将今年至2022年盈利预测调整为亏损12.01亿、3,100万及盈利8,600万美元。
麦格理认为,公司烧钱情况明显改善,几乎与去年同期持平,考虑到现金流表现好过预期,以及折扣幅度预测下降,重申「跑赢大市」评级,目标价由13.3元上调至16.2元。
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