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《大行報告》瑞信下調特步(01368.HK)目標價至2.5元 評級「中性」
阿思達克 03-19 10:45
瑞信發表研究報告,指特步(01368.HK)2019財年業績表現穩健並符合預期。在所有品類的增長帶動下,其特步主品牌收入按年增長21%至77.07億元人民幣。服裝類收入按年增長43.7%,增速超出鞋類的18.6%增長。計及新收購品牌的5,400萬元人民幣經營虧損,整體純利按年增長11%至7.28億元人民幣。該行將公司2020年的收入及純利預測分別下調3%及8%,主要是因為開店數目及聯營銷售低於預期。另外,相信零售銷售會在4月至5月份恢復正常。

該行又指,現時投資者的關注已由疫情爆發對盈利的影響,轉移至公司現金流的可持續性。由於其仍處於淨現金狀態,因此認為其相對穩定,但仍擔心今後需要支持的分銷商數目。

由於認為疫情將會短期對運動品牌帶來影響,因此該行將特步的目標價由原來的3.9元下調至2.5元,並將其2020及2021年的每股盈利預測分別下調12%及13%,維持「中性」投資評級。

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