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新秀麗(01910.HK)升近3% 瑞銀及滙研重申「買入」評級
新秀麗(01910.HK)今日高開2.63%,最高見14.25元。現報14.08元,升2.85%,成交641.01萬股,涉資8,938.31萬元。 瑞銀發表研究報告指,新秀麗首季經調整EBITDA為1.09億美元,按年跌15%,低於該行及市場預期,主要由於毛利率低於預期。經調整EBITDA利潤率為13.1%,低於該行預期的14.2%,主要是由於銷售、一般及行...
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新秀麗(01910.HK)升近3% 瑞銀及滙研重申「買入」評級
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新秀麗(01910.HK)  +0.340 (+2.484%)    Short selling $13.43M; Ratio 8.215%   今日高開2.63%,最高見14.25元。現報14.08元,升2.85%,成交641.01萬股,涉資8,938.31萬元。

瑞銀發表研究報告指,新秀麗首季經調整EBITDA為1.09億美元,按年跌15%,低於該行及市場預期,主要由於毛利率低於預期。經調整EBITDA利潤率為13.1%,低於該行預期的14.2%,主要是由於銷售、一般及行政費用增長高於預期,按年上升9%。不過,集團對2026財年的收入指引為低單位數增長,並預期利潤率將從首季水平逐步改善,表現勝市場憂慮。

報告指,集團2026財年的市場推廣開支比率預計為6.5%,並將在第二季旺季前達到8%的高峰。集團同時宣布一項5,000萬美元的股份回購計劃,相當於約2%的收益率,屬正面驚喜,預期將為股價提供一定支持。管理層繼續預期雙重上市可於2026年底前完成,惟須視乎市況而定。

瑞銀表示,新秀麗首季固定匯率淨銷售額按年增長0.4%,表現符合預期,主要受中東地緣政治及印度市場影響,若撇除相關影響,淨銷售額將增長1.6%。北美市場淨銷售額跌幅收窄,亞洲市場方面,中國及南韓均錄得強勁增長。考慮到首季銷售、一般及行政費用增長高於預期,該行上調相關開支假設,相應下調2026至2028財年經調整EBITDA預測7%,並將目標價由22.7港元下調至20.6港元,重申「買入」評級。

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滙豐研究發表報告,指新秀麗首季銷售大致符合預期,但經調整EBITDA較市場預期低11%,第二季銷售趨勢與首季相若。該行預期下半年銷售將有所改善,且受惠於持續的成本控制,利潤率將逐漸提升(但仍將按年下跌)。

報告指出,由於中東衝突持續干擾旅遊趨勢,新秀麗短期前景仍具挑戰。管理層預期第二季銷售趨勢與首季相若,下半年好轉,帶動2026年全年銷售錄低單位數增長。盈利方面,投資及成本通脹(尤其是貨運及原材料成本)構成壓力,但管理層有信心透過實施成本控制措施及必要時加價來應對。

該行下調新秀麗2026至2027年盈利預測約9%,並因應旅遊業務前景挑戰而提高加權平均資本成本(WACC),將目標價由24元下調至19元,維持「買入」評級。滙豐研究認為,股價已反映疲弱趨勢,今年至今累跌31%,而恒指同期升2.8%,目前估值吸引,預測2026年企業價值對銷售約1.16倍,低於五年平均的1.53倍。該行相信,2026年潛在的美國雙重上市可成為關鍵催化劑,有助釋放價值。(da/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 16:25.)

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