《大行報告》大摩下調滔搏(06110.HK)目標價至11.9元 評級「增持」
滔搏(06110.HK)公佈第三季度零售及批發業務總銷售金額按年錄得20%至30%低段下跌。摩根士丹利下調滔搏銷售預測,將其目標價由13.8元下調14%至11.9元,評級「增持」。
大摩將滔搏2022、2023和2024財政年度的銷售預測分別下調10%、4%、3%,盈利預測分別下調14%、14%和11%。該行表示,消費者需求疲軟和供應短缺可能會在短期內繼續對滔搏營運造成壓力,但仍然認爲該公司有條件受惠於國際品牌在中國的銷售復甦。
大摩估計,滔搏2022財政年度銷售額下跌10%,盈利下跌4%,相信成本控制措施有效減輕部分銷售疲弱的負面影響。該行料滔搏在店鋪擴張下,銷售在2023年恢復,估計銷售和盈利均增長17%。
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