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野村:升安踏(2020.HK)評級至“買入” 目標價上調至89港元
格隆匯 10-17 11:07

野村發表的研究報告指,安踏體育(02020.HK)第三季核心品牌零售銷售達14-17%增長,而FILA品牌增長則達50-55%,其他品牌則升30-35%,以安踏品牌來説,管理層對下半年表現較樂觀,而第三季銷售亦較第二季稍有改善。在FILA品牌方面銷售增長輕微緩和亦早有預期,主要因為去年同期基數相對高,另外Descente品牌亦正在建立規模及受歡迎程度,現時其銷售增長逾50%,相信亦是主要增長引擎。管理層估計到2019年底銷售可達10億元人民幣,故該行將其收入增長預測由27%升至33%,主要受惠FILA銷售好過預期帶動。

野村認為安踏及FILA品牌均繼續帶來好過預期的銷售勢頭,而體育用品範疇亦繼續見到有需求支撐,相信未來亦會受2020年東京奧運所帶動。而近期Nike的銷售表現亦顯示中國體育服裝需求仍然強勁,相信安踏的多品牌策略覆蓋到不同的運動領域,中短期有助帶動可持續且優於同業的增長。

野村預期受惠需求強勁及品牌策略多元化所帶動,安踏的增長勢頭可以持續,將其2019/20財年盈利預測上調9-23%以反映利潤及銷售理想,目標價由58.5港元升至89港元,評級由“中性”升至“買入”

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