《大行報告》匯豐研究降新秀麗(01910.HK)目標價至32元 估值吸引評級「買入」
匯豐研究發表評級報告,料新秀麗(01910.HK)上季自然銷售按年增長16%,或較2019年同期有中十位數(mid-teens)增長,這意味著北美和亞洲增長放緩,令整體呈持續的減速情況。至於在盈利能力方面,該行預料,毛利率59%,按年升250個基點,調整後EBITDA利潤率19%,按年升160個基點。
該行指,經過疫後強勁增長後,集團銷售勢頭將會恢復正常,又指基於行李箱行業分散及具競爭性,公司一直優先考慮利潤率,而多於銷售額。
該行將公司在2023年至2025年銷售和調整後EBITDA預測均下調3%,並將其目標價由34元下調至32元,維持其評級為「買入」,認為其估值吸引。(ca/cy)
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