《大行報告》富瑞降新秀麗(01910.HK)目標價至33.7元 反映今明兩年銷售增長更正常化
富瑞發表報告指,預計新秀麗(01910.HK)今明兩年北美和歐洲的增長將更加正常化,而中國市場則需要更長的時間恢復,將2023至25年的銷售及淨利潤預測下調介乎1%至4%,目標價由35.3元下調至33.7元,維持「買入」評級。
該行預計,集團2023財年第四季錄經調整EBITDA約1.85億美元,利潤率為19.6%,銷售額增長15%至9.43億美元。當中,該行料亞洲銷售以本幣計按年增長41%,相信中國以外的亞洲地區維持強勁復甦勢頭。由於下調今明兩年銷售額預測,下調2023至25年各年淨利潤預測分別1%、2%、3%。報告指公司現估值相當於預測今年市盈率11倍,估值不高。
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