<p>摩根士丹利发布研究报告指出，持续高企的油价对新秀丽（01910.HK）构成重大压力，股价上涨 0.040（+0.277%），空头头寸为 121 万美元；比例为 4.895%。这影响了航空旅行需求和消费者购买力。该券商预计公司今年的销售增长将更加温和，净利润率也面临压力，但相信推动 Tumi 品牌和市场营销举措的努力将逐渐见效。该券商将新秀丽的目标价从 26 港元下调至 21 港元。</p>
<p>该券商解释称，如果油价保持高位，机票价格上涨预计将对航空旅行需求产生滞后影响。再加上可能削弱可支配支出的通胀压力加剧，相关风险可能在 2026 年下半年，即传统的旅游高峰季节变得更加明显。同时，公司继续积极实施扩张措施，广告、促销和分销成本预计将保持在相对高位。摩根士丹利将新秀丽 2026 年和 2027 年的销售预测分别下调 3% 和 2%，而同期的每股收益预测则分别下调 19% 和 16%。(ad/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 20 日 12:25。)</p>

新秀丽

<p>摩根士丹利已将新秀丽的目标价格从 26 港元下调至 21 港元，原因是高油价影响了航空旅行需求和消费者支出。该券商预计销售增长将温和，净利润率将面临压力，风险在 2026 年下半年变得更加明显。2026 年和 2027 年的销售预测分别下调了 3% 和 2%，而每股收益预测则分别减少了 19% 和 16%</p>

<p>M Stanley issued a research report stating that persistently high oil prices pose major pressure on SAMSONITE (01910.HK) +0.040 (+0.277%)  Short selling $1.21M; Ratio 4.895%  , affecting air travel demand and consumer purchasing power. The broker expects the companys sales growth this year to be more moderate, with net profit margin also under pressure, but believes efforts to promote the Tumi brand and marketing initiatives will gradually yield results. The broker lowered the TP for SAMSONITE from HKD26 to HKD21.</p>
<div class="lb-trans"><p>摩根士丹利发布研究报告指出，持续高企的油价对新秀丽（01910.HK）构成重大压力，股价上涨 0.040（+0.277%），空头头寸为 121 万美元；比例为 4.895%。这影响了航空旅行需求和消费者购买力。该券商预计公司今年的销售增长将更加温和，净利润率也面临压力，但相信推动 Tumi 品牌和市场营销举措的努力将逐渐见效。该券商将新秀丽的目标价从 26 港元下调至 21 港元。</p>
</div><p>The broker explained that if oil prices remain elevated, rising air ticket prices are expected to have a lagged impact on air travel demand. Coupled with intensifying inflationary pressure that may weaken discretionary spending, related risks could become more evident in 2H26, the traditional peak travel season. Meanwhile, the company continues to actively implement expansion measures, with advertising, promotion and distribution costs expected to remain at relatively high levels. M Stanley cut its sales forecasts for SAMSONITE for 2026 and 2027 by 3% and 2%, respectively, while EPS forecasts for the same periods were lowered by 19% and 16%. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-20 12:25.)</p>
<div class="lb-trans"><p>该券商解释称，如果油价保持高位，机票价格上涨预计将对航空旅行需求产生滞后影响。再加上可能削弱可支配支出的通胀压力加剧，相关风险可能在 2026 年下半年，即传统的旅游高峰季节变得更加明显。同时，公司继续积极实施扩张措施，广告、促销和分销成本预计将保持在相对高位。摩根士丹利将新秀丽 2026 年和 2027 年的销售预测分别下调 3% 和 2%，而同期的每股收益预测则分别下调 19% 和 16%。(ad/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 20 日 12:25。)</p>
</div>

M Stanley Cuts SAMSONITE  TP to HKD21 on High Oil Prices

AASTOCKS News

摩根士丹利

新秀丽(ADR)

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

摩根士丹利因油价上涨将新秀丽的目标价格下调至 21 港元