大和:予安踏(2020.HK)“買入”評級 目標價90港元
大和總研發表研究報告指,安踏體育(2020.HK)發出盈喜,計及一次性支出及收購芬蘭户外運動用品商Amer Sports的虧損,本財年的利潤按年上升30%,而撇除以上影響,利潤按年升逾45%。該行予其“買入”投資評級,目標價90港元。
大和表示,由於公司合併的會計處理尚未確定,而最新的可用數據,包括初步採購價格分配(PPA)的結果表明集團對財務影響的可見度能更高,安踏預期聯營公司的損失少於6.5億元人民幣。安踏指,2019年會受一次性收購支出影響最大,並對2020年聯營公司的盈利保持正面,又指未見未來3至5年有商譽減值損失的危機。
大和認為,安踏的核心業務維持穩定,收入在2019年按年上升35%,相信集團能逐步接管了FILA經銷商的控制權,能為收入帶來驚喜。

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