大和安踏(2020.HK)在行业不明朗下最受惠维持目标价63.6港元
安踏(2020.HK)早前遭沽空机构浑水狙击及发盈喜,大和发表研究报告指,在与公司管理层的分析员会议后,相信安踏仍是在行业不明朗下最受惠的公司,维持予其目标价63.6港元及“买入”评级。
报告指,浑水提到“第三方”供应商实际上亦是由安踏高级职员彭清其所控制的指控,大和认为指控公司篡改财务数据的证据薄弱,安踏管理层亦解释彭清其为与公司有长期业务关系的第三方人士,而浑水所提出的供应商低净利率证据是基于生产效率较低所致,公司由相关供应商所采购的规模亦只有较少的4亿元(人民币,下同)。
另外,浑水亦指安踏电商员工彭清其同时亦拥有安踏及Fila品牌的网上店,大和相信有关电商所产生只有1000万的销售并不大影响,加上估计公司有自己的电商团队,只是由部分分销商参与集团的网上销售。
安踏管理层在会议上又提到Fila品牌的强劲销售或可致盈利指引调升,今年上半年的派息比率亦有望不低于30%,下半年则会视乎业务表现而有上升空间。
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