大和:重申特步(1368.HK)“買入”評級 目標價3.3港元
大和發表研究報告指,特步國際(1368.HK)管理層表示旗下核心品牌零售銷售復升情況優於預期,料於“五一黃金週”期間回覆按年增長。公司估計,今年核心品牌收入將錄得單位數按年跌幅;在增加折扣優惠下,毛利率亦料按年有所下滑,但由於公司現金流健康,預期今年派息率仍可維持在60%水平,因此重申對其“買入”評級,並維持目標價3.3港元。
大和稱,特步第二季料提高產品零售折扣介乎25%至30%,渠道庫存為5至5.5個月。公司亦透露,主要分銷商目前盈利能力已有反彈,其現金流亦漸回覆到疫情前的水平。
大和續稱,就品牌方面,受全球疫情影響,公司預期K-Swiss和Palladium秋季或冬季訂單將減少,並料兩大品牌今年將產生虧損。至於SAUCONY和Merrell則由於押後及削減開店計劃,預期今年合資公司將虧損3000萬至4000萬元人民幣,較之前預期因疫情而產生虧損約4000萬至5000萬元人民幣為少。

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