大行评级|大摩:下调普拉达目标价至66港元 下调今年销售增长预测

格隆汇
25 Jun

摩根士丹利发表报告,预期普拉达将跑赢大市,但下调对Prada品牌的预估,并预计Miu Miu至今强劲的销售表现将放缓。该行对集团次季度内生销售增长预测由11.2%下调至9.3%,反映近期渠道调查显示的略微疲软宏观环境及旅游消费减弱,但仍预期两品牌(Prada及Miu Miu)销售动能将持续。虽然今年店面扩张或在增长扮演更大角色,但仍估计增长主要由可比销售驱动,证明其品牌高度吸引力。 该行下调普拉达销售增长预测,预计今年按固定汇率计销售额将增长10.9%(原先料11.9%),每股盈利增长8.7%,且处于净现金状态。目前该股现价相当于预测今年市盈率16.1倍,计及Versace收购影响则相当于预测明年市盈率15.9倍,估值仍具吸引力。该行对普拉达目标价从70港元下调至66港元,维持“增持”评级。

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