瑞信升李宁(2331.HK)目标价至22.6港元评级“跑赢大市”
瑞信发表的报告指,对李宁(02331.HK)的增长持正面看法,认为「中国李宁」时装品牌带动了整体店铺流量,相信公司可受惠品牌的势头。该行指出7月份李宁在江苏的同店销售增长加快,而势头在下半年亦有望持续,表现跑赢其他本地或海外品牌。

根据其分销商,「中国李宁」现时占李宁批发渠道约15%的收入,而2018年相关比例仅10%,受惠「中国李宁」带动的人流,亦带动了其他李宁品牌产品销售。
该行指出,今年上半年公司零售折扣水平收窄2个百分点至24%,相信受惠需求强劲下半年将进一步收窄,特别是「中国李宁」品牌的产品折扣水平已由20%收窄至15%。该行将公司直至2021年的收入预测提升2-7%,2019/20年盈利预测则分别提升6%,预期未来三年核心盈利年复合增长率可达42%,目标价由21.4港元升至22.6港元,重申“跑赢大市”评级。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.