交銀國際:升安踏體育(2020.HK)目標價至130港元 重申買入評級
交銀國際發表報告,將安踏體育(2020.HK)目標價從97港元升至130港元,重申買入評級。
報告指,安踏持有52.7%股權合資企業Amer Sports Oy (亞瑪芬)同意出售健身設備製造商Precor,將帶來2000萬美元資本增值,2021年第1季安踏將獲得1050萬美元淨收益。該行認為,亞瑪芬現金流將有所改善,有助於安踏集中精力實現亞瑪芬的潛力。
報告又指,直面消費者(DTC)轉型正步入正軌,安踏將在2020年底前接管3500家分銷商門店及總庫存的80-90%,其餘將在明年第1季完成,將使得今年下半年淨利潤一次性減少2億至3億元人民幣,但有望在2021年帶來20-30億元人民幣的額外銷售額。

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