《大行報告》富瑞上調新秀麗(01910.HK)目標價至30.2元 今年開局強勁
富瑞發表報告指,新秀麗(01910.HK)今年首兩個月的銷售勢頭與2019年相比,以固定匯率計算增長16.5%,故提高今年的銷售額和調整後EBITDA利潤率指引。該行將新秀麗目標價由28.04元上調至30.2元,相當於預測今年市盈率20倍,維持「買入」評級。
該行引述新秀麗集團管理層表示,由於北美和歐洲的趨勢好於預期,以及亞洲的復甦潛力,預計2023年與2019年相比銷售增長介乎10%至15%。與2019年相比,2022年的銷量恢復了約85%,同時,平均售價增加約20%。因此,新秀麗管理層預計今年銷量將恢復到或略高於2019年的水平。
富瑞指,今年新秀麗的資本支出將增加至1億美元,但管理層可能會繼續償還債務,目標是到今年底實現2倍的淨槓桿率。公司又或會考慮在明年恢復派息。
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