《大行報告》美銀證券上調新秀麗(01910.HK)目標價至23.7元 評級「買入」
美銀證券發表報告指,新秀麗(01910.HK)第二季業績符合預期,營收及利潤率均有所復甦。管理層預期下半年至明年經營情況將進一步改善,現在估計下半年撇除俄羅斯和Speck,下半年經調整收入預計將錄得中單位數跌幅,當中亞洲業務將成主要動力;EBITDA利潤率則預期達到15.5%至16%。
該行表示,預期至2023年長途旅行活動恢復,新秀麗的銷售額可能回覆至疫情前水平,由於公司採取更加謹慎的線下直接面向消費者(DTC)策略,相信調整後 EBITDA利潤率將繼續按年提升。
美銀將其今明年每股盈利預測上調35%及14%,目標價從21.6元上調至23.7元,認爲新秀麗將受惠於疫情後全球復甦趨勢,同時近期被壓抑的旅行需求亦可能會支持新秀麗的收入復甦,重申「買入」評級。
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