《大行報告》高盛上調普拉達(01913.HK)目標價至50元 維持「中性」評級
高盛發表研究報告指,現時高端奢侈品需求環境依然強勁,大型品牌商正在獲得更多市場份額,相信對普拉達(01913.HK)來說是好兆頭,上調2022財年EBIT增長預測至17%,看好其提高長期品牌資產而實施的一系列戰略計劃。
該行指出,儘管2020年面對不少挑戰,但普拉達積極調整其分銷策略,包括降低批發佔比、減少折扣活動以及將銷售轉移至線上等,認為今年年初公司表現及市況好過預期,將2021財年按固定匯率銷售額增長預測由14%提升至24%,並預期接下來三個年度EBIT平均每年增長15%。
高盛指出,過去六個月普拉達股價較同業高出35%,現價相當於預測2022年企業價值對EBIT倍數約31.2倍及預測市盈率49.4倍,估值較高,對其維持「中性」評級。該行預測EBIT利潤率今年可達10%,並至2025年提升至17.2%,將目標價由31.1元提升至50元。
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