《大行报告》高盛上调裕元(00551.HK)目标价至14.7元 评级「中性」
高盛发表研究报告指,考虑到最新销售趋势,将裕元集团(00551.HK)2020年净利润预测由亏损1.26亿美元,微调至亏损1.2亿美元,并将2021至2022年净利预测上调1%,以反映近几个月来强劲的订单回升。
但高盛认为,虽然最坏情况应已过去,其订单恢复的可见性仍有限,因此予裕元「中性」评级,基於SOTP估值法将目标价由14.1元上调至14.7元
至於裕元旗下宝胜国际(03813.HK),该行将2020至2022年净利润预测分别下调6%、5%及4%,指出实体店流量复苏不稳定,加上2019年线上业务基数较高,预期去年第四季销售表现将较疲软。不过预期在折扣活动趋势向好的情况下,毛利率将可提高,维持目标价3元,并给予「买入」评级。
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