野村:下調歐舒丹(0973.HK)目標價至12.7港元 評級“中性”
野村發表報告,將歐舒丹(0973.HK)目標價減42%,由22.1港元減至12.7港元,評級由“買入”降至“中性”。
該行稱,公司2020財年第4季表現超乎預期,主要受電子商務和Elemis所支持,其中Elemis增長維持強勁,第4季升超過20%以上,但第4季整體收入同比減1.6%,差過投資者預期。
公司估計,公共衞生事件將帶來約為5600萬歐元銷售損失,佔第四季總銷售額17%,又預計2021財年上半年可能會陷入虧損。公司已重新分配了一些生產力以生產洗手液,同時護手霜在公共衞生事件期間受到歡迎,該行認為這可以部分抵消全球臨時商店關閉的影響,目前約有75%網絡已經關閉。

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