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01913 PRADA
RTNominal up32.200 +1.000 (+3.205%)
Research Report

31/07/2020 17:01

{I-bank focus}UBS lifts Prada (01913) to HK$30.5; "neutral"

[ET Net News Agency, 31 July 2020] UBS Global Research lifted its target price for
Prada SpA (01913) to HK$30.5 from HK$27.9 and maintained its "neutral" rating.
The research house said Prada's 1H results missed on revenues and EBIT, however, the
focus was on the conference call which struck a very confident tone and showed a clear
acceleration in brand momentum.
Notably, July sales are down high single-digit percent globally, comparing favourably
with peers and broadly in line with stronger players such as LVMH and Kering.
Given the wholesale rationalisation and termination of in-store sales, gross margin is
rising structurally to 75% from 2021 onwards. This causes a material increase in UBS's
outer-years EPS estimates, while FY2020 EPS forecast declined due to the EBIT miss. (KL)

Remark: Real time quote last updated: 28/09/2020 17:59
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