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《大行報告》瑞銀下調普拉達(01913.HK)目標價至68元 評級「買入」
阿思達克 07-03 09:55
瑞銀發表評級報告,預期普拉達(01913.HK)次季業績展示持續增長,主要是品牌強勁趨勢,以及進一步受到內地市場比較基數低所推動;該行表示,即使面對宏觀壓力,但預料公司不會提出顧客行為或消費模式等有任何改變。隨著店舖網絡成熟及成本結構到位,預期公司收入持續改善,並轉化為更高的銷售密度、營運槓桿,從而提高盈利能力。 普拉達將於7月27日收市後公布第二季業績,該行料集團次季銷售額達11.7億歐元,按固定匯率計算,按年升18%,零售業務繼續推動其增長,渠道銷售按年升20%,而批發渠道增長率較溫和,按年僅升4%。受惠產品組合,該行預料公司上半年毛利率達78.5%,按年升80個基點,並料息稅前利潤率達20.5%。 該行將普拉達目標價由73.5元下調至68元,維持其評級為「買入」。(ca/u) ~
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