《大行報告》美銀證券上調歐舒丹(00973.HK)目標價至27元 評級「買入」
美銀證券發表的研究報告指,歐舒丹(00973.HK)第四財季銷售按年升7%,按固定匯率計算則升12.5%,表現自首三季復甦,亦勝該行預期,公司同時將全年經營利潤率指引由10-11%升至12%以上,主要受惠銷售勢頭好過預期。該行將公司2021/22財年每股盈測升13%及8%,目標價由23元升至27元,重申「買入」評級,認為公司基本面改善並具重估機會。
公司第四財季銷售以固定匯率計算升12.5%,而線上銷售則升61%,按品牌劃分,核心品牌歐舒丹、Elemis及其他品牌分別按年升10%、24%及6%,而Limelife銷售增長則維持在29%以上(相對首三季增25%)。按地區劃分,中國、俄羅斯及台灣銷售(以固定匯率計)分別按年升60%、24%及17%,美國、日本及英國則升9%、2%及5%,主要受惠基數較低、線上銷售及電視銷售渠道表現強勁,惟法國及香港銷售(以固定匯率計)分別跌3.6%及4%,主要因為有新一輪封城措施。
該行指出中國市場勢頭強勁,主要受惠線下復甦,以及線上渠道健康趨勢,公司於內地為Elemis增加五項新品,認為未來增長將來自新品推出、渠道滲透表現提升等。
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