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大行評級|瑞銀:下調新秀麗目標價至28.7港元 預期今年增長將放緩
格隆匯 03-14 10:32
瑞銀髮表報吿,預期今年新秀麗增長將會放緩,因為關税和宏觀環境的不確定性可能會打擊美國消費者的信心,而美國業務佔其營收近40%。然而該行相信市場已經計入今年較弱的前景,估計目前的定價反映今年報吿銷售淨額將下降3%,經調整EBITDA利潤率將收縮200個基點,情況與2019年貿易戰時類似,該行認為屬於保守的預期。除了這些週期性的不利因素外,瑞銀認為公司仍能透過品牌提升、新產品投資及渠道或產品類別擴張,為長期增長做好準備。隨着公司擴大其海外投資者基礎,即將在美國的雙重上市可能會成為重估的主要催化因素。該行對其目標價由29.8港元降至28.7港元,評級“買入”。
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