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《大行報告》大和下調寶尊電商-SW(09991.HK)目標價至47元 評級「持有」
大和發表研究報告指出,寶尊電商-SW(09991.HK)今年第三財季充滿挑戰性,將該股目標價由50元下調至47元,維持「持有」評級,並將其2021至2023財年的盈利下調4至10%,以反映公司第三及第四季的收入增長放緩預測。 該行指出,監於內地消費者支出勢頭疲弱,該行對寶尊電商第三及第四財季的收入按年增長預測分別爲5%及6%。基於宏觀阻力及公司於新興渠道有限的收入貢獻,認爲難以看到其2022財年上半年能加速增長,短期內對該股的催化劑有限。雖然公司很可能於雙11期間提供較少的折扣,但由於經營去槓桿化,估計第四財季非通用會計準則的經營溢利按年跌2個百分點至8%。
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