大行評級|瑞銀:上調新秀麗目標價至16.3港元 首季淨銷售符合指引及市場預期
瑞銀髮表報吿指,新秀麗首季利潤率遜預期,經調整EBITDA錄1.28億美元,遜該行預期達16%,主因利潤率低於預期。經調整EBITDA利潤率按年跌270個基點至16%,低於該行預期的18.8%,主因銷售及一般開支高於預期,源於新店開張及經營去槓桿。以固定匯率計,淨銷售按年跌5%,大致符合首季指引及市場預期。
近期貿易協議減少了關税影響的長尾風險,但不確定性仍高企。管理層提及一些紓緩措施,包括減少向高關税地區下訂單,個別產品加價,以及與供應商談判等。該行降2025至2027年各年每股預測分別8%、2%及2%,但由於加權平均資金成本預測由原先9.9%降至9.5%,目標價由15港元上調至16.3港元,評級“中性”,因現價已反映盈利可見度低。
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