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《大行報告》瑞信上調貝殼-W(02423.HK)目標價至53.8元 評級「跑贏大市」
阿思達克 12-01 12:00
瑞信發表研究報告指出,貝殼-W(02423.HK)第三季收入按年跌3%至176億元人民幣,大致符合預期;非通用會計準則下純利達19億元人民幣,遠超預期,主要受惠於固定成本減少、經營槓桿及控制營運支出。 在內地防疫措施及消費者情緒疲弱的情況下,報告料貝殼短期前景仍充滿挑戰,公司對第四季的收入預測指引介乎145億至150億元人民幣,意味按年跌16%至19%,遜預期,主要受北京、廣州及上海等部分關鍵城市因疫情而實施不同程度的封鎖措施所影響。有關壓力或延續至明年上半年,預期至明年下半年才顯著復甦。 該行對貝殼2022至2024財年每股盈利預測上調8%至10%,料疲弱的收入將被強勁的毛利率抵銷。H股目標價由49元上調至53.8元,維持「跑贏大市」評級。
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