《大行报告》大和升欧舒丹(00973.HK)目标价至25元 上调盈测
大和发表研究报告指,欧舒丹(00973.HK)截至去年12月底止2021财年第三财季以固定汇率计净销售按年升4.3%。集团亦宣布美国附属自愿申请破产保护,加快重组当地店铺组合。考虑渠道及品牌组合变动,及重组带来的成本减省,该行上调其2021至2023财年每股盈测介乎13%至25%,并上调估值基础,目标价相应由15元升至25元,相当於2022财年预测市盈率25倍,以反映盈利向上重评,评级「买入」。
该行指,由於渠道组合趋向高利润线上渠道,亚洲市场贡献扩大,及高利润率ELEMIS业务贡献扩张,欧舒丹管理层提升截至今年3月底止全财年经营利润率指引,由原先的5%至7%,上调至介乎10%至11%。
在第四财季余下时间,欧舒丹管理层料亚洲市场维持强劲,欧洲区业务则具挑战,2021财年净销售料收缩少於5%。
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