《大行報告》花旗降安踏(02020.HK)目標價至52.5元 評級「沽售」
花旗發表研究報告,指安踏體育(02020.HK)對海外市場的參與料導致其今年盈利復甦較專注內地業務的體品同業為慢,除對Fila業務自去年下半年至今年在內地潛在周期下行的憂慮外,海外疫情擴散料對持股53%合營Amer盈利展望添壓,即使沒有商譽減值。花旗進一步下調安踏今明兩年盈測分別3%及5%,目標價由56.4元降至52.5元,評級「沽售」,則非市場主流看法。在中國體品股板塊,花旗續偏好滔搏(06110.HK)及李寧(02331.HK)多於安踏。
報告稱,過去數日,更多美國及歐洲零售商暫時關店。安踏旗下Amer在2018年美洲及歐洲、中東及非洲(EMEA)銷售佔比分別達42%及43%,花旗料Amer在中國以外市場銷售佔比逾90%。倘海外業務進一步惡化,該行不排除Amer未來錄商譽減值的可能性。
花旗補充,在進取併購及去年底錄最低淨現金結餘後,除了Fila業務的庫存風險外,料安踏在經營及財務上也受到新業務的重大壓力。
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