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《大行報告》瑞信下調泡泡瑪特(09992.HK)目標價至20元 第三季收入令人失望
阿思達克 10-26 10:55
瑞信發表研究報告指,泡泡瑪特(09992.HK)第三季收入按年下降5至10%,表現令人失望。儘管基數較低,集團於內地的收入仍按年下跌10至15%;海外則按年增115至120%。該行表示,集團收入低於預期,是由於零售店及機械人商店的客流量因疫情管控而下降;網絡銷售物流中斷;新IP及產品延遲推出;及流行玩具的消費情緒減弱。 該行將今年兩年的盈測分別下調20%及19%,又降2024年盈測14%,並將其目標價由35元下調至20元。該行認為,最近的拋售在大很程度上已消化近期疲弱的復甦,料集團2021至24年的純利複合年增長率為15%,並藉著具吸引力的風險回報保持「優於大市」評級。
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