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《大行報告》大摩升安踏(02020.HK)目標價至67元維持「增持」評級
阿思達克 07-23 15:12

摩根士丹利發表報告表示,就安踏體育(02020.HK)發中期盈利預喜,其盈利及經常性盈利均勝預期,該行相信公司於下半年情況持續,目標價由60元升至67元,維持「增持」評級。

該行指,因應安踏體育經營槓桿、推廣開支降低、新品牌業務迎來轉向,及利潤提升,並勝市場預期,包括Amer的虧損和其他一次性項目。該行上調對安踏於預測2019年至2021年每股盈利預測各6%、9%及9%。

該行預期,安踏體育毛利率亦有3個百分點增長至57.3%,主因零售組合增加,以及經營開支比率持平,以及Amer錄4.76億虧損。同時預期公司於今明兩年的銷售增長分別各為28%及23%,純利增39%及24%。

摩根士丹利又引述安踏管理層指,提升店舖的效率仍是公司主要的增長動力,同時現金流亦與盈利一同提升,未來會繼續用於開新店,若現金流下半年繼續有改善,預期派息將增加。

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