《大行》大摩下調普拉達(01913.HK)銷售增長預測 目標價降至66元
摩根士丹利發表報告,預期普拉達(01913.HK)將跑贏大市,但下調對Prada品牌的預估,並預計Miu Miu至今強勁的銷售表現將放緩。
該行對集團次季度內生銷售增長預測由11.2%下調至9.3%,反映近期渠道調查顯示的略微疲軟宏觀環境及旅遊消費減弱,但仍預期兩品牌(Prada及Miu Miu)銷售動能將持續。雖然今年店面擴張或在增長扮演更大角色,但仍估計增長主要由可比銷售驅動,證明其品牌高度吸引力。
該行降普拉達銷售增長預測,料其今年按固定匯率計銷售額將增長10.9%(原先料11.9%),每股盈利增長8.7%,且處於淨現金狀態。目前該股現價相當於預測今年市盈率16.1倍,計及Versace收購影響則相當於預測明年市盈率15.9倍,估值仍具吸引力。該行對普拉達目標價從70元下調至66元,維持「增持」評級。
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