大行评级丨里昂:新秀丽下半年展望改善 目标价上调至22港元

中金财经
Nov 14

  里昂发表报告指,新秀丽第三季销售额8.73亿美元,按固定汇率计算按年减1.3%,所有地区及品牌均呈现按季改善。8至10月销售转正,11月至今维持稳定趋势。管理层有信心第四季经营按季改善,但亦指出12月比较基数较高。   该行预期新秀丽第四季集团销售额将按年下降0.2%,全年销售额降幅为3%;预测2025财年经调整EBITDA利润率达16.4%,按年下降2.7个百分点,2026财年将回升至17.1%,销售增长将恢复至按年增长3%。基于2025下半年展望改善,该行将其目标价由21港元上调至22港元,重申“高度确信跑赢大市”评级。   

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