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大摩削和黃目標價23%至84元 @ 2011-11-09T10: Back Hot News
Keyword:和黃
Concept:
市場關注歐洲經濟對和黃業務影響,主要業務第三季收益都按年增10%,惟零售及3集團EBITDA分別跌2%及9%(見表)。瑞信指市場原本以為歐洲經濟對和黃零售收益影響不大,但相信第四季才是零售旺季。
截至今年9月,和黃旗下3集團歐洲業務第三季收益按年增長10%,至18億美元;首9個月收益54億美元,按年升21%;第三季EBITDA 2億美元,按年跌9%,主要由於合約客戶總人數升,令上客及客戶保留成本增加;首3季EBITDA 7億美元,按年升46%。3集團登記合約客戶人數1045.4萬人,按年增長9%;今年首9個月客戶人數淨增長28%,至80.5萬人。

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