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《大行報告》瑞銀上調新秀麗(01910.HK)目標價至36.1元 季績略勝預期
阿思達克 11-14 10:06
瑞銀發表報告指,新秀麗(01910.HK)第三季度經調整EBITDA為1.94億美元,略高於該行及市場預期的1.87億至1.88億美元,主要受惠利潤率高於預期。以固定匯率計算、扣除俄羅斯及手機殼公司Speck的銷售淨額,較2019年同期高出22%,亦優於該行預期。經調整EBITDA利潤率20.3%,按季改善100點子,主要因為推廣開支比率較低。 新秀麗管理層仍然預期出行需求強勁,明年銷售有低雙位數增長,在美國市場可能有折扣活動,但整體維持推廣開支受控,將會繼續聚焦於直接銷售渠道,在亞洲及歐洲市場,選擇性地擴充零售店舖。 瑞銀將新秀麗今年淨銷售預測輕微下跌,以反映匯兌影響,並預期第四季自然銷售額約為2019年同期的119%,今年至2025年三年期間的經調整EBITDA預測,上調1%至2%,將目標價由35.4元上調至36.1元,維持「買入」評級。
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