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《大行》麥格理下調普拉達(01913.HK)目標價至60元 降盈利預測
阿思達克 07-31 10:42
麥格理發表報告指,普拉達(01913.HK)上半年銷售額按固定匯率計算按年上升9%,大致符合該行預測。由於收購Versace的非經常性成本,淨利按年上升0.6%,與該行預測相差7%。 該行下調普拉達2025至27年各年淨利預測各7.6%、7.1%及6.6%,以計入上半年業績與品牌投資。目標價由65元下調8%至60元,評級「跑贏大市」。 報告引述管理層預期至8月底,日本及歐洲的整體旅遊客流量按年將轉為平穩。公司將優先提升品牌價值,並相信透過營運槓桿仍有改善盈利能力的空間。管理層相信,Miu Miu在許多國家的滲透率仍然偏低,在品類和組合方面仍有進一步改善的潛力。 盈利變動:
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