大行評級|麥格理:下調新秀麗目標價至19.2港元 下調經調整純利預測
麥格理髮表研報指,新秀麗2024財年第四季收入按年下降0.7%,按季增長7%,符合該行及市場預測和公司指引。經調整EBITDA按年增長7.7%,因毛利率提高及槓桿改善,意味EBITDA利潤率爲20.7%,略高於該行預測的19.6%。麥格理對新秀麗的毛利持保守態度,謹慎估計其2025財年毛利率爲59.2%,相對於2024財年爲60%,主要考慮到關稅影響。另外,該行將新秀麗2025及2026財年經調整純利預測分別下調6.2%及11.7%,目標價下調1%至19.2港元,給予“中性”評級。
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