大和安踏(2020.HK)中期业绩后的回调将成为投资者入市时机重申“买入”评级
大和发表研究报告指,沽空机构“浑水”早前发表3份报告狙击安踏体育(2020.HK),大和认为首份报告并无透露投资者忽略的的事情,而随后两份报告中的指控亦显得薄弱及具误导性。此外,公司亦公布了今年第二季的营运数据,销售稳定。该行维持安踏体育目标价63.6港元,并重申“买入”评级。
大和表示,公司今年第二季度安踏品牌产品之零售金额按年10-20%增长,而其他品牌产品之零售金额则录得55%至60%的升幅。而管理层亦表示,安踏及FILA的库存分别为4个月及5个月,而零售折扣分别处于27%及25%的稳定水平。
该行指,公司在行业中处于最为受惠的地位,虽然预期Amer Sports由于一次性收购成本及融资成本上升而在第二季出现亏损,从而令到今年上半年的收入受影响,但认为上半年业绩后的回调将是个良好的入市时机,因为Amer Sports全年收益将会是公司的盈利增长动力。
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