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《大行报告》高盛上调普拉达(01913.HK)目标价至50元 维持「中性」评级
阿思达克 03-23 12:49
高盛发表研究报告指,现时高端奢侈品需求环境依然强劲,大型品牌商正在获得更多市场份额,相信对普拉达(01913.HK)来说是好兆头,上调2022财年EBIT增长预测至17%,看好其提高长期品牌资产而实施的一系列战略计划。

该行指出,尽管2020年面对不少挑战,但普拉达积极调整其分销策略,包括降低批发占比、减少折扣活动以及将销售转移至线上等,认为今年年初公司表现及市况好过预期,将2021财年按固定汇率销售额增长预测由14%提升至24%,并预期接下来三个年度EBIT平均每年增长15%。

高盛指出,过去六个月普拉达股价较同业高出35%,现价相当於预测2022年企业价值对EBIT倍数约31.2倍及预测市盈率49.4倍,估值较高,对其维持「中性」评级。该行预测EBIT利润率今年可达10%,并至2025年提升至17.2%,将目标价由31.1元提升至50元。

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