大行评级|瑞银:上调新秀丽目标价至17.2港元 上调经调整EBITDA预测

格隆汇
Aug 18

瑞银发表研报指,新秀丽第二季经调整EBITDA为1.41亿美元,大致符合该行预期的1.45亿美元。按固定汇率计收入按年跌5.8%,净销售下跌由批发客户对采购决定审慎所推动,批发渠道收入按年跌8.7%,而直销渠道仅录得1.3%跌幅。管理层料第三季销售按季出现某种模式改善,但持续贸易政策不确定性及通胀压力影响消费情绪与需求,公司亦采取行动减少关税影响,包括在上调关税前增加库存及加价等。 该行上调对新秀丽今年至2027年经调整EBITDA预测2%至4%及净销售预测2%,预计下半年收入按年跌幅收窄,全年收入料按年跌5%。该行上调对新秀丽目标价至17.2港元,评级“中性”。

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