《大行报告》汇丰研究上调新秀丽(01910.HK)目标价至22元 评级升至「买入」
汇丰研究发表的报告指,新秀丽(01910.HK)短期在印度、日本及拉美市场方面仍有困难,不过在中国、美国以及欧洲则有支持。该行指出全球各地重启进程不一,意味未来一段时间长途旅游将维持沉寂,以印度、拉美及日本市场为例所受影响特别大,而公司销售表现一向与长途旅游挂钩,料到2023年销售才有望重返2019年水平,主要因为短期来看仅少数主要市场有缓和迹象。该行指出美国大部分州份均已重启,现时正讨论究竟到9月份劳动节能否达到群体免疫,事实上当地本土旅游已显着复苏。在内地方面,日均接种数字创新高。而欧洲大部分市场亦准备好恢复区内跨境旅客,料公司在部分主要销售地点或有支持。
在利润层面,该行相信管理层在艰难时期已做好管控成本及库存,因此料今年下半年经调整EBITDA利润率将显着反弹,同时今年次季或有望接近收支平衡。除了预期利润反弹外,近期贷款方面的修订亦缓和了投资者的忧虑,同时相信公司未来两至三年可受惠结构性利润扩张,最终或有机会出现并购考量等。
该行将公司评级升至「买入」,目标价由17元升至22元,因预期利润将改善,同时亦反映债务压力减轻的影响。(el/u) ~
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