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《大行報告》美銀證券下調新秀麗(01910.HK)目標價至21.6元 評級「買入」
阿思達克 06-27 10:32
美銀證券發表研究報告指出,旅行恢復有望推動今年的持續復甦,而長途和國際旅行或成爲明年的主要增長動力,認爲新秀麗(01910.HK)爲疫情後全球復甦的受惠者。 該行估計,歐盟/美國經濟衰退的潛在影響尚未顯現,尤其是在高端市場方面,加上近期被壓抑的旅遊需求,相信可支持新秀麗的收入復甦,料按固定貨幣與撇除手機機殼供應商Speck及俄羅斯業務的收入計算,公司於今年4月至5月份的收入將恢復至疫情前80%水平,較去年第四季及今年第一季的71%至72%、75%有所改善。而大部分亞洲城市陸續重新開放,相信除中國外的銷售情況有所好轉,料銷售額可能介乎疫情前的60%水平。 美銀證券預期,新秀麗按固定匯率計算的全年收入(不包括俄羅斯和Speck)將恢復至2019年水平的80%至85%,意味着按年增長37%至45%,毛利率持平至約55%。隨着長途旅行復蘇,公司明年銷售額可能將恢復至疫情前水平,經調整EBITDA毛利率或達至中雙位數。該行將新秀麗目標價由24元下調至21.6元,重申「買入」評級。
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