《大行報告》大摩上調新秀麗(01910.HK)目標價至26.1元 評級「增持」
摩根士丹利發表研究報告指,新秀麗(01910.HK)第二季經調整EBITDA勝預期,相應將今明兩年經調整淨利潤上調19%及8%,憧憬旅遊業復甦,公司可藉其強勁供應鏈及有效成本控制措施,在下半年實現較高水平的EBITDA利潤率。
展望下半年及明年,大摩認為被壓抑的需求將繼續釋放,預期全球航空旅行供應最終將趕上需求,同時消費者在長時間無法出外旅行後,更有動力購買新的行李箱,因此預期行李箱銷售的復甦步伐在未來幾個季度甚至會高於旅遊業表現,預期明年盈利可見性令人鼓舞。
管理層預期撇除Speck及俄羅斯業務,今年全年經常性銷售將較2019年下跌10%至13%,下跌幅度有所收窄。大摩仍將新秀麗列為首選股,預期有助於分散中國及香港市場非必需消費品股要面對的疫情風險,認為股價將在未來幾個月內接近2019年高位,給予「增持」評級,目標價由21.9元升至26.1元。
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