野村:新秀麗(1910.HK)首季業績反映銷售持續復甦 維持買入評級
野村發表研究報吿指出,新秀麗(1910.HK)今年首季業績反映銷售持續復甦,盈利能力亦繼續改善,雖然個別市場仍有隱憂,但整體業績穩健,儘管銷售復甦按季減慢,但亞洲經調整EBITDA自2020年第三季起持續轉正,則屬利消息,而北美亦自2021年第二季起步入正數,維持買入評級,目標價為21.6港元。
報吿指出,新秀麗首季以固定匯率計算的銷售淨額,按年下跌42.4%,亦比2019年首季下跌57.3%,反映銷售跌幅逐步收窄,EBITDA虧損亦收窄至2850萬美元,主要得益於廣吿及SG&A開支比率下跌。
報吿説,新秀麗4月銷售持續改善,但相信第二季表現將受累於印度疫情,管理層對第二季度銷售增長約53-54%仍感樂觀,主要因為全球各地開始接種疫苗,而中國和美國的疫情繼續緩和,自4月起,美國客户開始補充存貨,此趨勢於5月延續。

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