大行評級|瑞銀:下調普拉達目標價至73.5港元 重申“買入”評級
瑞銀髮表報吿指,普拉達第一季業績表現穩健,第二季在加強產品創新、營銷舉措和RTW品類的結構性利好支持下,相信將繼續保持強勁的品牌勢頭。瑞銀認為,普拉達是行業中成功扭虧的好例子,並有重評空間,公司2025年市盈率約為20倍,而行業約為21倍。該行維持對普拉達基本預測,預計第二季集團零售額將增長14%。此外,考慮到分階段營銷投資,瑞銀預計公司上半年營運槓桿將降至最低,而下半年的利潤率將進一步擴大。與同行相比,普拉達的銷售額將繼續保持領先地位,利潤率將穩步提高,空間增長將進一步支撐下半年的銷售額,重申“買入”評級,目標價由76.5港元下調至73.5港元。
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