《大行報告》瑞銀上調普拉達(01913.HK)目標價至70元 評級「買入」
瑞銀發表研究報告指,撇除匯率影響,普拉達(01913.HK)第二季銷售額按年增長約19%,符合市場普遍預期,零售銷售趨勢較2019年同期加快約3個百分點,表現向好。
雖然期內美洲市場銷售額錄得約6%跌幅,遜於預期,但管理層指出北美地區仍以低雙位數的速度增長,憧憬旅遊支出增長將進一步加快。該行預期,在高基數下普拉達第三季或將面對挑戰,增幅可能放緩至單位數,至第四季再重新加快至雙位數百分比。
由於次季毛利率創新高及息稅前利潤率勝預期,管理層預期下半年息稅前利潤率可達到22%以上,相應瑞銀亦將2023至2025年每股盈測各上調約5%,目標價由68元升至70元,評級「買入」。
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