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《大行報告》瑞銀下調安踏(02020.HK)目標價至69元 評級「買入」
阿思達克 04-14 11:11
瑞銀發表研究報告,將安踏(02020.HK)目標價由88.74元降至69元,以反映Amer盈利受新冠肺炎疫情影響,但相信其資產負債表和自由現金流會較投資者預期強勁,並在最壞環境下支持Amer運作,維持「買入」評級。

該行指,相信行業下行情況不及2012及13年嚴重,因其直銷比例較高和資產負債表強勁。若今年Amer收入下跌40%,令公司盈利下降13%,可能需要向其注資12億元人民幣。

該行又預期中國運動零售行業會於下半年回復增長,庫存會於年底回復正常水平,反映更短的去庫存時間。

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