日本顶级化妆品分析师不看好中国市场 I 彭博社

  • 三菱日联摩根士丹利证券(Mitsubishi UFJ Morgan Stanley Securities)的日本化妆品分析师Wakako Sato看跌日本最大的化妆品生产商资生堂(Shiseido),在覆盖该公司的16位分析师中,给予该股唯一的卖出评级。

  • 佐藤认为,中国的消费情绪仍然疲软,家庭储蓄的增加表明消费者信心不足,尽管最近的数据表明中国从大流行病中恢复的情况好于预期。

  • 随着现在网上和海南岛可以以较低的价格买到高档品牌,佐藤认为,不再有理由为了买化妆品而去日本,她认为这一趋势将严重打击资生堂和其他日本化妆品制造商。

  • 2021年10月,佐藤将资生堂的评级下调至减持,此后她已三次下调目标价,她目前的估计意味着进一步下跌超过25%。

  • 卖出评级在日本很少见,大多数分析师仍然看好资生堂。

  • Japanese cosmetics analyst Wakako Sato of Mitsubishi UFJ Morgan Stanley Securities is bearish on Japan’s largest cosmetics maker Shiseido, giving the stock the only sell-equivalent rating among 16 analysts covering the company.

  • Sato believes that China’s consumption sentiment is still weak and the rise in household savings suggests low confidence among consumers, despite recent data suggesting China’s recovery from the pandemic is better than expected.

  • With premium brands now available online and on Hainan Island at lower prices, Sato argues that there is no longer a reason to travel to Japan just to buy cosmetics, a trend she thinks will hit Shiseido and other Japanese cosmetic makers hard.

  • Sato downgraded Shiseido to underweight in October 2021 and has lowered her price target three times since then, with her current estimate implying further downside of more than 25%.

  • Sell ratings are rare in Japan and most analysts remain positive on Shiseido.

链接:Bloomberg - Are you a robot?