摩根士丹利发表研报指，迅销(06288.HK) (9983.JP)“第四前沿”策略强调旗下品牌“优衣库”在大中华区以外的增长。当中，至2026年8月底止2026财年，东南亚、北美及欧洲将推动约82%的营业利润收益；大中华区将触底反弹；日本市场将基于利润增长而保持稳固。
大摩预计，2025年8月底止2025财年营业利润料按年增长10.2%；2026财年则料增长11.3%，同时将其日股目标价由43,000日圆上调至55,000日圆，评级由“与大市同步”升至“增持”。
大摩亦指，面对中国内地消费者信心下跌及商场竞争加剧的情况，迅销已对中国内地门市进行拆建改造，相关门市的每月营业额亦增加约1.5倍。该行预计，2025财年中国内地市场的业绩将加速触底。
另外，大摩认为随着大中华区业绩触底的预期升温，迅销的估值或会上升。一旦大中华区业绩触底反弹变得更为明显，其增长预期将进一步提高。(js/da)(港股报价延迟最少十五分钟。)
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