《大行》花旗降普拉達(01913.HK)目標價至45.5元 予「中性」評級
花旗研究報告指,普拉達(01913.HK)次季收入增速放緩至單位數(6%),其中Prada品牌自2020年以來首次出現負增長,而Miu Miu表現雖然逐漸正常化,但增長仍優於同行。該行認爲集團仍需要大量投資於廣告與促銷、生產、IT基礎設施及Miu Miu的零售網絡擴張,或限制利潤率進一步擴張。
該行將2025年的銷售額、EBIT及每股盈利預測分別下調2%、2%及4%,2026年下調3%、5%及6%,基於由於匯率增長預期略微下調、匯率不利因素,以及持續的營運和資本開支投資,目標價由52.3元降至45.5元,維持「中性」評級。
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