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大行評級|大摩:下調新秀麗目標價至30港元 下調銷售及盈利預測
格隆匯 11-06 14:29

摩根士丹利發表報吿,預計新秀麗第三季度銷售及調整後息EBITDA將分別下降約5%及18%,認為中國及印度將成為拖累亞洲市場表現的主因。至於北美方面,認為第三季銷售的跌幅將大於第二季,受累於宏觀經濟疲弱以及估計大選期間消費者開支會減少。雖然歐洲市場的表現可能會較好,但認為銷售增長亦在放緩。大摩預計,第三季新秀麗毛利率將按季及按年錄得下降,以反映促銷活動增加。再加上公司可能出現經營去槓桿化,認為第三季度調整後EBITDA利潤率將按年收窄2.7個百分點至17.6%。

大摩將新秀麗2024年至2026年的銷售預測下調6%,調整後盈利預測分別下調11%、9%及11%。大摩估計,新秀麗明年銷售增長為5%,但銷售復甦將主要集中在下半年。大摩維持新秀麗“增持”評級,目標價由35港元降至30港元。

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