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大行評級|傑富瑞:上調新秀麗目標價至28.97港元 上調今明兩年淨利潤預測
格隆匯 03-14 15:27
傑富瑞報告指,新秀麗去年第四季銷售符該行及市場預期,經調整EBITDA利潤率20.7%,高於該行預測的19%,主要是因爲高於預期的毛利率,以及低於預期的銷售支出與廣告開支比率。根據公司管理層指引,基於高基數及美國訂單轉移,今年首季銷售按年錄得低至中單位數下降。基於宏觀環境不確定性,公司未給予全年指引,但管理層預期未來數季會出現持續改善。公司表示美國上市計劃正在進行,縱使沒有時間表。該行上調對公司今明兩年淨利潤預測6%及2%,預期今年首季銷售按本地貨幣計跌2.5%。該行上調對該股目標價,由26.4港元上調至28.97港元,以配合盈利預測修改,基於股價上望空間,維持“買入”評級。
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