《大行報告》野村:明年中國消費股首選新秀麗、歐舒丹、申洲及晶苑 降維達評級至「減持」
野村發表研究報告指出,對2022年中國非必需消費品和必需品板塊的前景都相對模糊,主要由於隨著中國經濟增長放緩,以及區域性的疫情發展,令中國消費者情緒一直惡化。在整個2022年首季,相信於北京冬奧期間疫情相關的限制可能會嚴格維持,預期商店的人流量低,將導致品牌更多促銷以刺激消費。
此外,在通脹環境下消費股盈利受壓,加上消費者信心疲弱下,公司難以將上升的成本轉嫁予消費者。預期以中國為主要業務的消費股於2022財年將面臨更多的挑戰,另看好具全球多元化業務的消費股。
該行認為,除非疫情惡化,否則於2022年的首選股為新秀麗(01910.HK)、歐舒丹(00973.HK)、申洲國際(02313.HK)及晶苑國際(02232.HK),均為「買入」評級,另將下調維達(03331.HK)的評級,由「買入」降至「減持」(詳見另表)。
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