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《大行报告》大摩降泡泡玛特(09992.HK)目标价至63元 供应阻碍料逐步纾解
阿思达克 03-29 15:00
摩根士丹利发表研究报告,引述泡泡玛特(09992.HK)管理层称供应阻碍料将逐步解决,并估计於今年第二季在顶级知识产权(IPs)下将有推出更多新盲盒产品。

该行指在上周沽售潮後,该行认为泡泡玛特属正面催化剂。该行喜好其销售及盈利增长动力,以及长期知识产权发展,予泡泡玛特「与大市同步」评级,但认为市场需要公司提供更多惊喜因素,才可於现时市况下支持其较高估值水平。

大摩指,泡泡玛特去年纯利好过市场预期,销售及毛利略胜该行预期,纯利低於预期3%,主因员工成本增加及专利收入减少。公司管理层料次季供应阻碍将逐步解决,该行料市场反应将呈正面。公司亦招聘了行业专家以升级其供应链营运。管理层承认,今年3月销售势头遇干扰,但对次季有信心。

该行表示,下调泡泡玛特今明两年销售预测分别5%及4%,以反映供应阻碍;并削毛利率预测,反映原材料成本上升及更复杂的产品设计。大摩另上调其行政及销售开支预测以反映更高物流及员工成本。总计该行下调泡泡玛特今明两年盈测分别9%及8%,并下调估值基础,由预测市盈率55倍降至50倍,目标价由75元降至63元,此相当动态市盈率2.1倍。

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