《大行報告》瑞銀降歐舒丹(00973.HK)評級至「中性」 目標價上調至30.6元
瑞銀將歐舒丹(00973.HK)的評級從「買入」調降至「中性」,但上調其目標價17%,由26元上調至30.6元。瑞銀認為公司股價自去年12月以來已上漲62%,股價已充分反映了其正面因素和憂慮,因此將評級調降至「中性」。
瑞銀認為,歐舒丹股價的升勢,主要是得益於Sol de Janeiro(SDJ)品牌的強勁銷售增長,以及2月份有關黑石集團考慮對該公司發起收購要約的消息所帶動。
儘管歐舒丹的核心品牌在2024財年前九個月的銷售表現較弱,但SDJ的3位數銷售增長動力足以彌補,瑞銀預計公司2024至2026財年的年複合增長率(CAGR)為12%,能夠達到其中期銷售目標。然而,由於核心品牌的銷售表現疲弱及市場推廣開支增加,實現中期營業利潤率目標仍然具有挑戰性。
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