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大和:維持安踏(2020.HK)“買入”評級 目標價78港元
格隆匯 04-16 14:03

大和發表報告指,安踏體育(2020.HK)今年首季安踏品牌零售銷售按年下跌20-25%,FILA品牌銷售則按年下跌中單位數;而其他品牌則錄得高單位數跌幅,認為首季表現優於管理層原先指引,反映於3月底消費者情緒復升情況較理想,續列公司為該行中國體育用品行業的首選股,並維持“買入評級,目標價78港元。

大和指,安踏品牌及FILA品牌4月至今的零售銷售趨勢均勝期,零售額達到管理層計劃的70%,其中FILA品牌銷售增長更錄得按年持平,並估計4月可回覆正面增長。另外,由於零售銷售恢復情況較好,因此安踏品牌的渠道庫存回購計劃較少。

該行又指,公司預期Amer可保持流動性健康,主要是基於嚴控成本及假設全年銷售將下跌少於20%;儘管Amer在歐美市場未見改善,投資者普遍憂慮Amer債務違約的潛在風險,惟公司認為將可通過債務融資或資本注資等來解決其流動性問題。

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