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《大行報告》瑞銀下調泡泡瑪特(09992.HK)目標價至32.6元 評級「買入」
阿思達克 07-19 10:14
瑞銀發表研究報告指,泡泡瑪特(09992.HK)近日發盈警,預期中期溢利按年下跌最多35%,主要由於營運去槓桿及製造成本上升。 該行指出,微信小程序泡泡瑪特抽盒機(Pop Draw)第二季銷售按年下跌少於10%,上半年至7月則累計錄得升幅約15%至20%,同期實體店銷售亦錄得正增長,機械人商店銷售跌幅同樣收窄。該行認為,泡泡瑪特上半年於內地業務擴張步伐則較預期慢。 該行將泡泡瑪特目標價由45.2元下調至32.6元,此按現金流折現率作估值,對應2023年預測市盈率約30倍,並將2022至2024年每股盈利預測下調各30%、27%及26%,以反映產品設計複雜所帶來的成本壓力及中期盈利表現遜預期。 雖然瑞銀預期泡泡瑪特股價將受到負面影響,但維持對泡泡瑪特的「買入」評級,看好中國流行玩具需求快速增長,認為股價調整後現時估值水平不高,具有一定吸引力。
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