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美银美林升安踏(2020.HK)目标价至70港元重申“买入”评级
格隆汇 08-27 11:42
美银美林发表报告将安踏体育(2020.HK) 2019/20年的预测升2%及3%,目标价由67港元升至70港元,主要基于公司下半年展望稳定,而股份现价相当于2019/20年预测市盈率 23倍左右,较其他国际领先体育品牌(28倍)仍有折让,认为现时其估值未反映近期增长势头强劲,以及来自Amer Sports的潜在上行空间。
该行维持对中国体育用品行业结构性增长及公司未来数年增长展望的正面看法,认为其多品牌、多渠道策略具优势,重申“ 买入 ”评级。该行指出,公司七至八月零售销售似乎较上半年有所加快,主要受惠电商增长较快,而线下亦见稳定增长,其中Fila品牌增长虽较上半年缓和,但应仍高于50%,预期公司下半年收入增长将维持在25%以上。
美银美林估计公司利润将继续上升,但增速或较上半年有所缓和,主要因为政府补贴减少以及宣传开支增加,该行估计经营溢利增长仍有27%,而Amer Sports的合营下半年有望扭亏,主要因为没有交易相关开支以及季节性因素,预期今年相关合营大致可达收支平衡。
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