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大摩升安踏(02020.HK)目标价至67元维持「增持」评级
格隆汇 07-23 15:35

摩根士丹利发表报告表示,就安踏体育(02020.HK)发中期盈利预喜,其盈利及经常性盈利均胜预期,该行相信公司於下半年情况持续,目标价由60元升至67元,维持“增持”评级。

该行指,因应安踏体育经营杠杆、推广开支降低、新品牌业务迎来转向,及利润提升,并胜市场预期,包括Amer的亏损和其他一次性项目。该行上调对安踏於预测2019年至2021年每股盈利预测各6%、9%及9%。

该行预期,安踏体育毛利率亦有3个百分点增长至57.3%,主因零售组合增加,以及经营开支比率持平,以及Amer录4.76亿亏损。同时预期公司於今明两年的销售增长分别各为28%及23%,纯利增39%及24%。

摩根士丹利又引述安踏管理层指,提升店铺的效率仍是公司主要的增长动力,同时现金流亦与盈利一同提升,未来会继续用於开新店,若现金流下半年继续有改善,预期派息将增加。

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