《大行報告》花旗下調歐舒丹(00973.HK)目標價至31.3元 評級「買入」
花旗發表研究報告,指以本地貨幣計,歐舒丹(00973.HK)第二財季收入增長放慢至按年升11%,主因受高基數影響。對比疫情前水平,以本地貨幣計,收入較2020財年同期高出7%,增長主要來自中國內地、香港,以及英國。期內,主要品牌銷售符預期,不過Limelife銷售遜預期。管理層維持對全財年收入增長錄低雙位數,以及經營溢利率料14%的指引。
該行引管理層指,10月銷售表現與第二財季相若,特別是中國內地市場邁向「雙十一」增長可觀,另日本和台灣亦見復甦,美國銷售增長加快,法國銷售改善,歐洲趨勢良好,惟俄羅斯市場表現因新一輪封城政策而下跌。
該行降歐舒丹2022至24財年盈測介乎5%至6%,目標價由33.8元降至31.3元,指估值吸引,維持「買入」評級。
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