《大行報告》野村指歐舒丹(00973.HK)同店銷售增長仍乏善可陳目標價下調至14.5元
野村發表研究報告指,歐舒丹(00973.HK)2019財年純利按年升23%至1.18億歐元,較該行及市場預期高13%及9%,主要由於美國減稅導致有效稅率由2018財年的29.0%降至期內20.7%。
不過,該行指公司2019財年在大部分主要市場同店銷售增長仍乏善可陳,美國市場持平,日本跌0.3%,香港跌2.6%,法國跌2.1%,中國增長亦由2018財年的15.1%放緩至期內6.9%。該行預期2020財年公司核心品牌收入僅按年增長3.5%。
該行將歐舒丹2020/2021財年盈利預測上調6%及5%以反映較佳銷售,目標價由14.6元降至14.5元,維持「中性」評級。
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