大行評級|瑞銀:下調新秀麗目標價至30.8港元 股價下跌已反映短期弱勢
瑞銀研究報吿指,由於投資者擔心在印度競爭加劇和內地消費降級的背景下,新秀麗收入增長會受到影響,公司股價自2024財年首季以來已下跌逾20%。該行認為,短期內的收入環境充滿挑戰,或令公司對2024年的業績指引作出調整,但認為投資者已考慮盈利前景疲弱因素。從長遠來看,該行仍看好新秀麗,因預期如Tumi等高利潤品牌、銷售渠道和地區三方面均持續擴張,將推動盈利增長。
瑞銀提出,就2024年次季而言,料固定匯率及銷售額的按年增長分別為4%和1%,經調整後的2024年次季EBITDA利潤率將下降約70個基點,主要因為行銷支出比率上升及毛利率下降至18.1%。從全年來看,由於考慮到疲軟的收入環境,該行將集團2024至2026財年的收入預測下調4至6%,調整後的EBITDA也因此下調5至8%。該行將公司目標價由33.5港元降至30.8港元,維持“買入”評級。
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