《大行報告》瑞銀上調名創優品(MNSO.US)目標價至28美元 評級「買入」
瑞銀發表報告指,名創優品(MNSO.US)截至6月底末財季收入按年升40%,符合該行預期,經調整純利按年升156%,較該行預期超出4%,主要因為海外產品優化、Top Toy's獨家產品增加、以及錄得匯兌收益,令毛利率按季提升0.5個百分點至39.8%,勝該行預期。
報告指,期內平均每店銷售額按年升14%,推動本地線下平台交易總額(GMV)按年提升25%,海外GMV亦按年增長50%,公司指引是今年本地分店數目淨增加350至450間,該行估計有上行空間。
該行將公司2024至2026財年每股盈利預測上調2%至3%,以反映開店進度加快及毛利率勝預期,相信公司受惠疫後重啟,在有效供應鏈管理、輕資產經營模式下,長遠而言,海外業務有充足的增長空間,美股目標價由27美元上調至28美元,評級「買入」。
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