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交銀:上調安踏(2020.HK)目標價至71港元 維持“中性”評級
格隆匯 12-09 14:24

交銀國際發表研究報告表示,安踏(2020.HK)發盈喜,預計今年全年核心淨利潤強於預期,按年增長逾45%,但被合營公司虧損6.5億元(人民幣,下同)所抵銷,整體利潤按年增長逾30%,與該預測的33%一致,但低於市場預測的38%。該行將安踏目標價由55港元,上調至71港元,維持“中性”評級。

報告指,儘管核心利潤強勁,但投資者可能會對Amer的意外虧損持負面態度,而6.5億元的應占合營公司虧損部分屬經常性。安踏又提到,購買價格分配大部分計入商譽,報告認為這將會是一把雙刃劍,雖然較高的商譽在短期內對損益的影響較小,但需要通過更進取的盈利假設來證明其合理性,這意味如果合營公司表現不達預期,則未來的減值風險會更高。

報告又指,觀察到今年冬季的折扣時間和幅度比往年提早和加大,鑑於FILA是零售業務,其服裝產品較多,價格也較高,冬暖可能對其下半年損益產生更直接的影響。

交銀國際維持安踏2019年的每股盈利預測,但由於合併了之前由少數股東擁有的FILA合營公司,將2020-2021年的每股盈利預測調高10-11%。

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