《大行報告》里昂降歐舒丹(00973.HK)評級至「跑贏大市」 目標價下調至24元
里昂發表報告指,歐舒丹(00973.HK)2024財年次財季銷售按年升25.3%,大致上符合預期,惟旗下品牌Elemis銷售再度收縮。即使旗下品牌SDJ強勁增長抵銷市場疲軟,但對投資者而言,第三財季仍看似顛簸。集團由10月至今的前景好壞參半,旗下LeP品牌轉至收縮,而Elemis恢復正增長;由於品牌投資的季節性,相較全年度,預計上半財年營運利潤率或較低。
該行將歐舒丹2024年至2026年每股盈測下調介乎3%至5%,指現時估值不高,LeP及Elemis增長正常化意味公司加大品牌投資的努力見效需時,目標價由26.1元下調至24元,其評級則由「買入」降至「跑贏大市」。
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