《大行報告》瑞銀下調滔搏(06110.HK)目標價至12.78元 評級「買入」
瑞銀髮表報告指,滔搏(06110.HK)公佈今年9月至11月的2022財年第三季經營更新,零售及批發經營總銷售按年下跌超過20%,主要由於品牌供應短缺,及疫情再起拖累實體店客流,但影響被網上銷售的按年增長有所彌補。
該行表示,在經過最差的8月後,集團銷售在9月有改善,並於10月回覆至2019年水平,而11月表現較前兩個月差,但仍較8月爲佳,銷售的下跌少於實體店客流的減少。
瑞銀預期,滔搏在第四財季或會繼續面對銷售壓力,而管理層稱有信心維持全財年的內部毛利率目標,不過淨利率可能受銷售去槓桿的負面影響。
該行調低集團2022至2024財年盈利預測2%至7%,以反映銷售遜預期,目標價相應由14.17元降至12.78元,並相當於2023財年預測市盈率18倍,評級維持「買入」。
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