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大行評級|花旗:下調普拉達目標價至59.8港元 投資或限制EBIT利潤率進一步提高
格隆匯 04-01 14:13
花旗發表報告指,普拉達去年收入按固定匯率計增長17%,超出行業平均,轉化爲20%的EBIT與每股盈利增長,但增長主要由Miu Miu出色表現推動,普拉達品牌進一步放緩。該行指,雖然營運支出槓桿效應有限,但與管理層優先考慮增長的理念一致,需在廣告與推廣、製造、IT基礎設施及從今年開始的零售網絡擴張上進行大量投資,可能限制EBIT利潤率從當前23.6%的水平進一步提高。該行上調對公司今年銷售、EBIT及每股盈利預測上調1%至2%,目標價從64.3港元下調至59.8港元,維持“中性”評級。
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