瑞银发布研报称,维持新秀丽(01910)“买入”评级,目标价由29.8港元降至28.7港元。预计今年新秀丽增长将放缓,因为关税和宏观环境的不确定性可能会打击美国消费者的信心,而美国业务占其营收近40%。然而该行相信市场已经计入今年较弱的前景,估计目前的定价反映今年报告销售净额将下降3%,经调整EBITDA利润率将收缩200个基点,情况与2019年类似,该行认为属于保守的预期。
除了这些周期性的不利因素外,瑞银认为公司仍能透过品牌提升、新产品投资及渠道或产品类别扩张,为长期增长做好准备。随着公司扩大其海外投资者基础,即将在美国的双重上市可能会成为重估的主要催化因素。
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