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匯豐研究:上調安踏(2020.HK)目標價至80港元 維持“買入”評級
格隆匯 10-17 16:05
匯豐研究發表研究報告指,安踏體育(2020.HK) 增長勢頭持續,其披露第三季營運數據,整體而言,核心安踏品牌零售銷售維持於10%至20%的中段增長,FILA品牌增長則由一年前的90%放慢至介乎50%至55%,但增幅仍可觀。
該行料FILA表現強勁歸功於公司成功推出新系列,如FILA FUSION,以擴大客户羣及維持快速增長。其他品牌零售銷售按年增長介乎30%至35%。 報告稱,即使FILA急速增長,其今年上半年所錄經營利潤低於核心安踏品牌。這或部分由於其向FILA Korea支付的款項,以及FILA就新店及市場推廣作出的重大投資。隨着放慢擴張新店步伐,該行料利潤表現將有改善。
匯豐上修安踏2019至2021年盈測介乎3%至9%,以反映利潤率擴張預期。考慮現金流預測上調,該行上調安踏目標價,以現金流折現率計,由70港元升至80港元,維持“ 買入 ”評級,因為FILA的強勁增長前景仍被市場低估。
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