《大行報告》麥格理降滔搏(06110.HK)目標價3%至7.8元 零售銷售趨勢續改善
麥格理發表評級報告指,滔搏(06110.HK)第三季總零售銷售及批發營運均按年低雙位數上升,反映零售銷售趨勢繼續改善,而基於第四季高基數,該行將公司2024財年收入預測下調2%,反映對未來銷售預測持審慎看法。
該行指,過去四個月庫存銷售比率低,按季持平,主要是應付接下來的節日促銷活而新增庫存量。該行相信,公司收窄折扣至按年低單位數,以及較高的直接零售增長,將會支持其毛利率,但認為這部分或會被今年初重開減少對品牌支持所抵銷。
該行指,管理層指出淨開店數目按年增加,按季則增加開設店舖及較少關閉,意味著明年下半年或開店勢頭或出現正增長。該行將其目標價由8元下調至7.8元,維持其評級為「跑贏大市」。
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