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《大行報告》大摩下調泡泡瑪特(09992.HK)目標價至63元 評級「增持」
摩根士丹利發表報告,將泡泡瑪特(09992.HK)2021至2023年的盈利預測下調7%至8%,以反映疫情的影響和員工成本增加,但仍預計泡泡瑪特將在覆蓋行業內實現最快的增長率,預測其2021年至2023年的銷售額和經調整淨利潤複合年增長率分別爲31%和33%。該行將其目標價下調7%至63元,評級「增持」,認爲現價是買入時機,本季業績可能成爲催化劑。 摩根士丹利認爲,市場誤解泡泡瑪特打算在2022年開設60-70家門店,這導致近期股價疲軟,管理層表示,其開店計劃是爲了應對新冠疫情,與增長目標無關。該行指,泡泡瑪特有充足的開店空間,但選擇將更多資源分配給不受疫情影響且毛利率更高的網上銷售渠道。 摩根士丹利維持對泡泡瑪特2022至2023年的銷售預測,料更強勁的網上銷售應該會抵銷2022年與2021年相比減少的開店數量,另外其新商標表現得好、種類多元、定價能力高。
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