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大和:削特步(1368.HK)目標價至2.6港元 評級降至持有
格隆匯 07-03 13:34

大和總研發表研究報告指,特步國際(1368.HK)核心特步品牌的盈利能力將受到零售價調低的影響,新收購品牌增加的收益波動使前景暗淡,因此將其目標價由3.3港元下調至2.6港元,並將評級由買入下調至持有。

該行指,集團5月份零售額同比單位數增長;6月份核心品牌零售額可能弱於預期,對比該行估計為同比持平。該行指,早前與管理層討論了公司降低新產品零售價格的新策略,認為這將不利於其盈利能力。該行認為,集團2020年核心品牌收入將同比下降約8%。

該行又指,由於新冠肺炎海外大流行,管理層預期K-SWISS及PALLADIUM兩個品牌的收入將下降至1.3億至1.4億美元,同比下降25-30%,全年將錄得虧損。該行將其2020-22年每股盈利預測下調22-28%。

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