《大行報告》花旗升李寧(02331.HK)目標價至24.28元評級「買入」
花旗發表研究報告指,李寧(02331.HK)扣除一次性收益或損失後,上半年核心盈利按年急升1.1倍至5.61億元人民幣(下同),較6月尾發出的盈喜高出10%。李寧勝預期的經營現金流(按年增1.1倍)及現金轉換週期減少13日,均顯示出持續經營復甦的能力。
報告指管理層在分析會議上調高2019年財務目標,冀收入增長20%至25%(高於早前指引的約16%至19%),淨利潤率8.5%至9%(高於早前指引的7.5%至8%)。花旗將李寧2019年至2021年各年核心盈測上調22%至23%,至12.11億元、15.25億元及19.02億元。同時,將目標價由15.27港元升至24.28港元,維持評級「買入」,續視李寧為非必需消費品行業首選。
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