《大行報告》花旗降李寧(02331.HK)目標價至28.5元 下調盈測
花旗發表報告表示,基於去年第四季疲弱的零售環境,下調對李寧(02331.HK)去年淨利潤及銷售預測4%及2%。
該行表示,基於不確定宏觀環境,對本土體育品牌今明兩年銷售展望採取更審慎觀點,並下調對李寧今明兩年銷售預測5%及8%。該行亦指,李寧計劃今年進一步擴大在低線城市業務,推出均價便宜產品。該行基於可能與其他本地品牌出現價格戰,對李寧盈利率展望看法保守,並下調對李寧今明兩年淨利潤預測20%。
花旗稱,基於盈利預測變更下調對李寧目標價,由35.5元降至28.5元,此按現金流折現率作估值,基於便宜估值續予「買入」評級。
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