摩通首予特步(1368.HK)“增持”评级目标价6.6港元
摩根大通发表研究报告,首予特步国际(1368.HK)
“
增持
”评级,以现金流折现率计,目标价6.6港元。报告称,其作为内地第三大本土运动服品牌,受惠于内地马拉松活动日趋普及,过去三年每年增长达26%,料未来每年增长达10%。特步在马拉松相关市占达11%属领先,在整体市占则约5%。
报告称,行业趋势理想,与经营增效计划届“
收成期
”,支持特步同店销售自2018年起达双位数增长,较2015至2017年的单位数增长加快。
摩通表示,特步正凭借旗下四个国际品牌扩大业务,包括Saucony及Merrell,随着设计及门店更新,料有助建构增长势头。摩通料2019至2021年间,特步销售及盈利年均复合增长分别达17%及19%,并指其估值吸引,相当于未来12个月预测市盈率12倍,较同业安踏(2020.HK)折让达46%,并提供5%股息率属健康。
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