《大行報告》瑞銀下調安踏(02020.HK)目標價至127.7元 評級「買入」
瑞銀發表研究報告指安踏(02020.HK)舉行電話會議講述出售Precor集團,總代價4.2億美元,該行料在公司層面將錄淨收益1,050萬美元,而來自交易的淨現金流入3.6億元的幫助下,管理層不預期Amer未來1-2年會有現金流風險,同時亦有利公司可將資源更集中於直面消費者(DTC)、服裝等軟裝備(softgoods)及核心品牌業務。
該行指,管理層維持Amer下半年可為集團帶來正面貢獻的指引,儘管在歐洲再爆第二波疫情,主因網上銷售、產品銷售強勁,以及更有效控制經營支出。至於明年,管理層計劃加快全球DTC業務發展和產品開發。
管理層對旗下Fila明年增長展望維持正面說法,主因在中港市場的低基數,以及受到童裝業務推動;但安踏品牌今季以來的銷售和利潤卻較預期弱,主要由於在「光棍節」折扣加大。該行維持公司「買入」評級,目標價由128.1元降至127.7元,以反映下調盈利預期,但當中未計算Precor出售交易影響。
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