《大行報告》匯豐研究升江南布衣(03306.HK)目標價至18.5元 維持「買入」評級
匯豐研究發表報告,指江南布衣(03306.HK)近期發盈喜,料截至6月底止年度純利按年升逾80%,勝早前指引,亦勝市場預期約30%。這意味截至去年12月底止2021上半財年純利,較未受疫情影響的2019財年上半年高出不少於54%。該行料純利增加受惠於紡織板塊快速反彈及集團品牌投資見成效,帶來穩固去化率;以及2021上半財年經營開支減省。該行料公司全財年收入按年升32%創新高。
報告上調公司2021財年收入及純利預測11%及30%,以反映2021上半財年強勁表現。該行料江南布衣在品牌及支持者的投資有利長遠增長,上調2022及2023財年盈測分別21%及23%,以現金流折現率計,目標價由15元升至18.5元。即使自盈喜以來股價累升27%,但公司估值較同業仍有10%折讓,在長遠增長展望改善下,料有進一步估值重評空間,維持「買入」評級。
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