《大行》大摩:普拉達(01913.HK)次季業績遜預期 目標價降至62元
摩根士丹利發表研究報告指,受到跨境旅客奢侈品消費放緩影響,普拉達(01913.HK)第二季業績遜預期,按固定匯率計算銷售額按年增長6.1%,對比首季為12.5%及市場預期為9%。期內Prada與Miu Miu品牌收入均略低於預期,雖然同店銷售增長約9%,但似乎缺乏經營槓桿,導致上半年經調整EBIT較預期低3.1%。
大摩認為,國際旅遊負面影響將在夏季達到高峰,第三季銷售預測可能下調,目前最新預測按固定匯率增長8.3%,此前預測為10.4%。大摩預期普拉達的股價或面臨壓力,將目標價從66元降至62元,仍維持「增持」評級,續列行業首選,指出集團第二季在奢侈品行業中仍屬表現優異,依然看好Prada與Miu Miu品牌吸引力與未來增長動能。
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