Analyst Research Report Snapshot

Title:

寶雅 (5904 TT, NT$188.5, 增加持股): 維持「增加持股」評等

Price:

$46.00

Provider:

KGI Greater China

Date:

05 May 2014

Pages:

6

Type:

AcrobatPDF

Companies referenced:

5904.TWO

Available for Immediate Download
Summary:

1Q14獲利符合預期,同店成長延續堅實動能 1Q14雖因展店落後致營收低於預期,但單季毛利率達40%,高於市場預估的39.5%,使每股盈餘站上1.82元,符合預期 4月營收年成長28.4%,同店營收成長亦由1Q14的10%上升至1-4月的11.5%;考量五六月將各有四間新店開幕,我們預估2Q14營收年增與季增率將分別達到22.4% 與2.6% 積極展店與毛利持續向上,支持樂觀長期獲利展望;12個月目標價225元估自1.5倍PEG;維持「增加持股」評等 我們預估2013-15年每股盈餘預估年複合增長率18.8%,看好2014與2015年股東權益報酬率進一步攀升至32%與32.8%,將顯著優於2010-13年的平均值23.6%。我們也相信這一點將提供評價向上動能,帶動股價自去年漲勢更上層樓。考量同店營收成長強勁與其在消費類股中獲利成長展望優異,我們樂觀看待寶雅未來股價表現。我們維持12個月目標價225元,估自1.5倍PEG,維持「增加持股」評等。

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