Procter & Gamble Q1 Forecast Cut As Global Challenges Persist, Goldman Sachs Warns
Procter & Gamble Q1 Forecast Cut As Global Challenges Persist, Goldman Sachs Warns
The analyst anticipates no recovery for SK-II until late 2024, when negative sentiment toward Japanese brands begins to ease.Goldman Sachs analyst Bonnie Herzog lowered Procter & Gamble Company's (NYSE:PG) first-quarter estimates to reflect softer end markets.
高盛分析師Bonnie Herzog將寶潔公司（NYSE:PG）第一季度的預估降低，以反映更軟弱的終端市場。
Consequently, the analyst cut the price target to $164 (from $165), with a Neutral rating.
因此，分析師將價格目標從165美元降至164美元，給予中立評級。
The analyst writes that while scanner trends show resilience for the company and continued growth in the U.S., challenges in international markets like the Middle East and China may offset this.
分析師指出，雖然掃描趨勢顯示該公司在美國持續增長並保持彈性，但像中東和中國這樣的國際市場的挑戰可能會抵消這一點。
The analyst anticipates no recovery for SK-II until late 2024, when negative sentiment toward Japanese brands begins to ease.
分析師預計Sk-II直到2024年底才會恢復，那時對日本品牌的負面情緒開始減輕。
Herzog is lowering first-quarter estimates, expecting organic sales growth of around 2%, which is expected to be mostly neutralized by FX translation headwinds, leading to flat net sales growth for the quarter.
Herzog正在降低第一季度的預估，預計有機銷售增長約爲2%，預計這將主要被外匯轉換風險所抵消，導致該季度淨銷售增長基本持平。
Moreover, the analyst anticipates slight gross margin expansion supporting 4.7% year-over-year EPS growth to $1.91, down from $1.96 earlier.
此外，分析師預計略微的毛利率擴張將支持每股收益增長4.7%，達到1.91美元，低於之前的1.96美元。
The analyst says that due to challenges in Procter & Gamble's end markets and a slowdown to 2% growth in fourth-quarter, investor expectations have shifted to the lower end of PG's FY25 organic sales growth guidance of 3%-5% (vs. GS/consensus estimates of 3.5% and 3.6%).
分析師表示，由於寶潔公司終端市場的挑戰以及第四季度增長放緩至2%，投資者的預期已經轉向寶潔公司FY25有機銷售增長指導範圍的下限爲3%-5%（而GS/共識預測值爲3.5%和3.6%）。
Coupled with productivity gains, this should yield over 5% EPS CAGR from FY24 to FY27, slightly below the previous 6.5% CAGR, adds the analyst.
再加上生產率提高，這應該使得從FY24到FY27的每股收益複合年增長率超過5%，略低於之前的6.5%年均複合增長率，分析師補充道。
Overall, the analyst remains cautious about the stock, especially as PG's organic sales growth has decelerated over the past few quarters while trading at elevated multiples.
總體而言，分析師對股票仍然持謹慎態度，特別是由於寶潔的有機銷售增長在過去幾個季度已放緩，同時以高倍數交易。
Investors can gain exposure to the stock via iShares U.S. Consumer Staples ETF (NYSE:IYK) and Vanguard Consumer Staples ETF (NYSE:VDC)
投資者可以通過iShares美國消費必需品ETF（紐交所：IYK）和Vanguard消費必需品ETF（紐交所：VDC）獲得該股的曝光。
Price Action: PG shares are down 0.93% at $167.31 at the last check Monday.
股價走勢：在上週一最後一次查詢時，寶潔股價下跌了0.93％，報167.31美元。
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譯文內容由第三人軟體翻譯。