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《大行》里昂下調瑞幸(LKNCY.US)目標價至37美元 上調對蜜雪(02097.HK)目標價至645元
里昂發表報告,指京東-SW(09618.HK)百億元人民幣補貼下飲品股爲顯而易見的選擇,但配送利潤拖累意味着有關企業需在折扣和配送費之間平衡補貼分配。該行在瑞幸(LKNCY.US)和蜜雪(02097.HK)之間優先考慮後者,因瑞幸希望保護利潤率,而蜜雪產品價格已很低。該行認爲瑞幸產品平均售價可能受到限制,對蜜雪影響爲中性。 該行上調將瑞幸2025及2026財年經調整除息稅折舊攤銷前溢利(EBITDA)18%及8%,因公司加速開店。但將2027財年的經調整(EBITDA)預測下調4%,因預計產品平均售價不會上漲。該行將瑞幸的目標企業價值倍數由從12倍下調至10倍,目標價從38美元下調至37美元。該行對蜜雪目標市盈率從24倍上調至30倍,爲其上市以來的交易平均值,以反映定價優勢。目標價從445元上調至645元。 該行對兩股的投資評級均爲「跑贏大市」,又指兩者之間更看好瑞幸,因其具備更高增長潛力。
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