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大華繼顯:維持安踏(2020.HK)買入評級 目標價升至95港元
格隆匯 10-16 14:19

大華繼顯發表研究報告表示,安踏體育(2020.HK)第三季營運數據符合預期,當中FILA品牌零售額錄得20-25%增長,因內地中層人士較少受疫情影響,料公司將可自今年第四季開始錄得按季的持續增長,將其目標價由85港元上調至95港元,維持買入評級。

該行又指,安踏於十一黃金週銷售錄得按年30至40%的增長,整體消費較五一勞動節假期強勁。該行預期今年下半年收入將可強勁復甦,料下半年整體收入按年升8.9%,而全年則增長28%,為反映DTC的重組支出,該行將安踏2020年盈利預測由53億元人民幣,下調至51億元人民幣。

該行又指,安踏PEG為1.1倍,估值較昂貴,主要基於2019至22年度盈利複合年增長率達26%預測計算,不過,該行相信盈利增長勢頭將可支持其股價。

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