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《大行》里昂削新秀麗(01910.HK)目標價至22元 維持「高度確信跑贏大市」評級
阿思達克 08-13 10:10
里昂發表研究報告,預計新秀麗(01910.HK)今年第二季銷售按固定匯率計算將按年下跌6%,較首季的5%跌幅進一步擴大,主要受到旅遊需求減弱的影響,與該行日前的奢侈品消費調查結果相符。 里昂又預期,次季新秀麗毛利率及經調整EBITDA利潤率將分別維持於59%及16.6%,按季大致持平,相信在低基數及旅客量回升帶動下,至第三季可出現按季改善。里昂將新秀麗今年全年銷售預測下調至按年跌6%,經調整純利預測下調至按年跌25%,以反映短期旅業弱勢;目標價由30元下調至22元,考慮估值不高及未來前景有望改善,以及未來雙重上市帶來重評機會,仍維持「高度確信跑贏大市」評級。 在次季業績出爐前,該行降其2025至27年收入預測7%至10%,降經調整EBITDA預測18%至19%,降經調整純利預測23%至28%,以反映旅客壓力及關稅不確定性。
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