大行評級|大摩:上調迅銷評級至“增持” 預計2025財年營業利潤增長10.2%
摩根士丹利發表研報指,迅銷“第四前沿”策略強調旗下品牌優衣庫在大中華區以外的增長。當中,至2026年8月底止2026財年,東南亞、北美及歐洲將推動約82%的營業利潤收益;大中華區將觸底反彈;日本市場將基於利潤增長而保持穩固。大摩預計,2025年8月底止2025財年營業利潤料按年增長10.2%;2026財年則料增長11.3%,同時將其日股目標價由43,000日圓上調至55,000日圓,評級由“與大市同步”升至“增持”。大摩亦指,面對中國內地消費者信心下跌及商場競爭加劇的情況,迅銷已對中國內地門市進行拆建改造,相關門市的每月營業額亦增加約1.5倍。該行預計,2025財年中國內地市場的業績將加速觸底。另外,大摩認為隨着大中華區業績觸底的預期升温,迅銷的估值或會上升。一旦大中華區業績觸底反彈變得更為明顯,其增長預期將進一步提高。
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