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大行評級|大和:下調新秀麗目標價至30港元 因宏觀前景黯淡而下調盈測
格隆匯 08-15 13:29

大和發表報吿指,新秀麗第二季收入顯示縱使全球旅遊需求持續,消費者愈來愈審慎正損害公司在近乎所有主要市場的增長。兩個最重要亞洲市場,即中國及印度的季度收入分別按年跌4%及11%,管理層更預期第三季將進一步按年下跌。該行認為有關情況不會顯著改變該股的投資理據,基於市場已長期計入疲弱的能見度。另一方面,公司在困難宏觀環境下的盈利率保持強勁令該行驚喜,毛利率及經調整EBITDA率在上半年創新高。

該行重申對新秀麗“買入”評級,相信該股估值便宜,並獲2億美元股份回購與在美國雙重上市利好支撐,目標價則由37港元降至30港元。對該股今年至2026年每股盈利預測亦下調19%至22%,反映不明朗的宏觀展望。

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