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《大行報告》瑞銀上調JS環球生活(01691.HK)目標價至32元 評級「買入」
阿思達克 04-21 09:40
瑞銀發表研究報告指,投資者關心JS環球生活(01691.HK)今年的利潤風險,當中包括對美國消費開支過份樂觀,以及公司中長遠的產品創新、新產品類別和新市場擴張能力。

該行目前預期,美國家用開支有2萬億美元以上的增長,而消費意慾亦見上升,特別是在家居生活改善當中,在房屋銷售增長的情況下,將持續支持公司的增長,估值吸引,料2021至23年盈利年複合增長率為38%,對比同業為15%。

該行又指,在更新關稅、商品價格反彈、人民幣匯率上升等情況下,或拉低旗下SharkNinja今年毛利率,即使可被產能重置、供應鏈協同、組合改善、價格上升等所抵銷,預期毛利率於今年跌1.7個百分點,而明年為增長1.5個百分點,該行上調2021/22年盈測5%至6%,目標價由30元升至32元,重申「買入」評級。

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