《大行》瑞銀微降名創優品(MNSO.US)目標價至25美元 籲「買入」
瑞銀研究報告指,預期名創優品(09896.HK)(MNSO.US)次季經調整營業利潤爲7.85億元人民幣,按年基本持平,符合公司指引。料期內收入達48.5億元人民幣,按年增20%,其中中國市場收入增長10%,海外市場增長收入28%。該行將名創優品2025至27年每股盈測下調2%至3%,並將美股目標價由25.5美元輕微下調至25美元,予「買入」評級。
中國市場方面,該行料次季同店銷售(SSSG)轉正,當中7月同店銷售更進一步加速。門店優化有進展,次季關店數量較首季大幅減少;公司有信心實現全年國內同店銷售正增長。
海外市場方面,核心市場包括美國和墨西哥均於4至5月實現同店銷售增長。美國市場的轉型策略包含轉向於現有門店密集地區的周邊地區開店,以提升物流效率與租金議價能力,以及優先提升單店盈利能力。至於東南亞市場表現分化,當中馬來西亞、泰國、新加坡與印度表現強勁,而印尼則承壓。
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