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<Research> Citi Expects PRADA (01913.HK) 1Q26 Sales to Grow 6%, Maintains "Outperform" Rating
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Citi published a research report predicting that PRADA (01913.HK) will see approximately 1% growth in organic sales at constant exchange rates (excluding Versace) for 1Q26. After accounting for about a 10% consolidation impact from Versace and approximately a 700 bps foreign exchange headwind, the report forecasts a year-on-year sales increase of about 6%. By brand, Citi predicts that the retail net sales of Prada and Miu Miu will grow by 0.5% and 3% respectively at constant exchange rates. Although Prada continues the growth momentum from 4Q25, Miu Miu faces the most challenging comparison base, with a higher proportion of business in the Middle East and Africa (MEA) region. The firm expects wholesale and licensing businesses to maintain positive year-on-year growth. Regionally, the Americas and Asia-Pacific are performing steadily, while Europe is weak due to a decrease in tourists, and the Middle East faces significant pressure. As the comparison base pressure for Miu Miu gradually eases by 2026 and Prada's investments start to pay off, sales performance is expected to be stronger in 2H26. Citi maintains an "Outperform" rating on PRADA with a target price of HKD48, considering the risk-reward as attractive. (hc/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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