麥格理:下調安踏(2020.HK)目標價至80港元 評級“跑贏大市”
麥格理髮表報告,下調對安踏(02020.HK)今明兩年之盈利預測分別8%及3%,以反映在投資者日過後,對集團收購的「Amer Sports」增長前景等因素。該行對安踏股份目標價由82港元,下調至80港元,評級維持“跑贏大市”。
麥格理表示,Amer的管理層目標將旗下「Arcteryx」、「Salomon」及「Wilson」三個品牌,打造成10億歐元規模的業務,同時亦希望直接面向消費者的渠道收入也可達10億歐元。另外,集團期望中國市場的收入貢獻可由現時的5%,提升至15%。該行認為,集團推動增長的主要焦點為軟性商品,相信其合作伙伴明白在中國市場直接零售及瞭解消費者喜好等經驗可幫助促進相關增長。

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