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《大行報告》大摩降泡泡瑪特(09992.HK)目標價至63元 供應阻礙料逐步紓解
阿思達克 03-29 15:00
摩根士丹利發表研究報告,引述泡泡瑪特(09992.HK)管理層稱供應阻礙料將逐步解決,並估計於今年第二季在頂級知識產權(IPs)下將有推出更多新盲盒產品。

該行指在上周沽售潮後,該行認為泡泡瑪特屬正面催化劑。該行喜好其銷售及盈利增長動力,以及長期知識產權發展,予泡泡瑪特「與大市同步」評級,但認為市場需要公司提供更多驚喜因素,才可於現時市況下支持其較高估值水平。

大摩指,泡泡瑪特去年純利好過市場預期,銷售及毛利略勝該行預期,純利低於預期3%,主因員工成本增加及專利收入減少。公司管理層料次季供應阻礙將逐步解決,該行料市場反應將呈正面。公司亦招聘了行業專家以升級其供應鏈營運。管理層承認,今年3月銷售勢頭遇干擾,但對次季有信心。

該行表示,下調泡泡瑪特今明兩年銷售預測分別5%及4%,以反映供應阻礙;並削毛利率預測,反映原材料成本上升及更複雜的產品設計。大摩另上調其行政及銷售開支預測以反映更高物流及員工成本。總計該行下調泡泡瑪特今明兩年盈測分別9%及8%,並下調估值基礎,由預測市盈率55倍降至50倍,目標價由75元降至63元,此相當動態市盈率2.1倍。

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