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《大行報告》大和上調歐舒丹(00973.HK)目標價至28元 回歸關注基本面
阿思達克 09-06 09:25
大和發表研究報告指,歐舒丹(00973.HK)宣布控股股東決定不進行全購要約,相信是由於股價強勢影響收購價格,以及缺乏較可行的融資渠道等因素所致。消息公布後歐舒丹股價於昨日(5日)收跌17%,回到市場最初傳出大股東擬私有化傳聞時的股價水平。 大和指出,雖然擬議交易尚未完成,但相信私有化計劃擬定潛在出售價下限26元,將可成為歐舒丹股價新的心理支撐位,同時指出市場未來將重新關注公司基本面,認為長遠來看歐舒丹仍然具有吸引力,重申「買入」評級,目標價升至28元。 該行又透露,公司管理層仍維持2024財年指引,預計L'Occitane品牌收入及經營利潤率將實現按年中單位數及低雙位數的增長,ELEMIS及SDJ收入亦分別將增長中雙位數及三位數。考慮到SDJ利潤率增長強於預期,該行預期2024財年經營利潤率或超越指引的12%。不過由於於中國市場的營銷增加,大和將2024至2025財年每股盈利預測下調2%至5%。
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