《大行》瑞銀上調新秀麗(01910.HK)經調整EBITDA預測及目標價 評級「中性」
瑞銀報告指,新秀麗(01910.HK)第二季經調整EBITDA為1.41億美元,大致符合該行預期的1.45億美元。按固定匯率計收入按年跌5.8%,淨銷售下跌由批發客戶對採購決定審慎所推動,批發渠道收入按年跌8.7%,而直銷渠道僅錄得1.3%跌幅。
該行又指,管理層料第三季銷售按季出現某種模式改善,但持續貿易政策不確定性及通脹壓力影響消費情緒與需求,公司亦採取行動減少關稅影響,包括在上調關稅前增加庫存及加價等。
該行上調對新秀麗今年至2027年經調整EBITDA預測2%至4%及淨銷售預測2%,預計下半年收入按年跌幅收窄,全年收入料按年跌5%。該行上調對新秀麗目標價至17.2元,評級「中性」。
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