《大行報告》瑞銀升泡泡瑪特(09992.HK)目標價至30元 海外業務前景看俏
瑞銀發表報告指,對泡泡瑪特(09992.HK)海外業務擴充機會感到更樂觀,相信市場未完全反映海外增長潛力及盈利能力,將公司2023至2025年的盈利預測上調2至10%,股價催化劑包括美國開店步伐加快、北京主題公園開幕、第三季營運數據及新產品推出。
上半年海外業務對收入及EBIT的貢獻,分別為13%及14%,該行估計至2025年,分別增加至29%及33%。根據中國的發展模式,首先由鄰近地點擴充至較遠地點、由批發轉而直接向顧客銷售、由機械人商店發展至零售商店,相信隨著海外擴充,盈利能力得以提升,因為海外直接銷售渠道的定價及毛利率較高,預期美國是明年主力擴充的海外市場。
報告指,泡泡瑪特對消費者的吸引力,在疫情後提升,市場數據反映公司在全球消費者的流行程度上升,將目標價由27.4元升至30元,維持「買入」評級。
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