《大行報告》大和升歐舒丹(00973.HK)目標價至25元 上調盈測
大和發表研究報告指,歐舒丹(00973.HK)截至去年12月底止2021財年第三財季以固定匯率計淨銷售按年升4.3%。集團亦宣布美國附屬自願申請破產保護,加快重組當地店舖組合。考慮渠道及品牌組合變動,及重組帶來的成本減省,該行上調其2021至2023財年每股盈測介乎13%至25%,並上調估值基礎,目標價相應由15元升至25元,相當於2022財年預測市盈率25倍,以反映盈利向上重評,評級「買入」。
該行指,由於渠道組合趨向高利潤線上渠道,亞洲市場貢獻擴大,及高利潤率ELEMIS業務貢獻擴張,歐舒丹管理層提升截至今年3月底止全財年經營利潤率指引,由原先的5%至7%,上調至介乎10%至11%。
在第四財季餘下時間,歐舒丹管理層料亞洲市場維持強勁,歐洲區業務則具挑戰,2021財年淨銷售料收縮少於5%。
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