大行評級|麥格理:上調普拉達目標價至88港元 上調今明兩年盈測
麥格理報吿指,普拉達去年第四季零售銷售按固定匯率計按年升18%,高於該行預期約3%,受Miu Miu品牌銷售按年升84%,以及Prada增長由第三季1.7%加快至第四季4%支持。日本及歐洲市場繼續錄31%及16%穩定增長,亞太區市場增長由第三季10%加快至第四季16%。中國銷售由第三季低單位數下跌轉為第四季低單位數增長。公司滿意現財年首兩個月表現,縱使按季變動受高基數影響,有信心今年跑贏同業。經營溢利率升1.6個百分點至24.4%,高於該行預測。
公司去年淨開設7間Miu Miu品牌店,並將增加Miu Miu店面面積10%至15%,Prada店面面積亦有低單位數增加。公司今年資本開支5.5億歐元,高於去年的4.93億歐元。另外,公司僅表示考慮策略性併購,未提及收購Versace問題。該行上調對公司今明兩年淨利潤預測2.1%及4.6%,反映經營槓桿較預期強勁,目標價由86港元上調至88港元,評級“跑贏大市”。
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