《大行报告》瑞银首予滔搏(06110.HK)「买入」评级看15.18元 数码转型潜力未充分反映
瑞银发表研究报告,首予滔搏(06110.HK)「买入」评级,以现金流折现率计,目标价15.18元。该行称,滔搏是内地体品零售市场被低估的领袖,其数码转型潜力仍未被市场充分反映;市场亦过度忧虑其品牌直销(DTC)及线上扩张的潜在压力。滔搏现估值相当於明年预测市盈率17倍,其未来12个月预测市盈率与历史均值相若,其他同业则受估值重评支持推升至历史高位。
报告称,市场未留意到公司透过WeChat生态系统增加线上销售的上行潜力;预测2020至2023财年纯利年均复合增长达20%,并料经营利润率由2020财年的9.8%扩大至2023财年的11.5%,属投资於国际体育品牌内地市场增长的稳定替代品,并具有优异股本回报率、现金流及强劲盈利增长纪录,如同申洲(02313.HK)及安踏(02020.HK)。该行料滔搏2021财年下半年盈利强劲增长及与品牌深化合作可成为股价上升催化剂。
该行予滔搏2021至2023财年各年每股盈测分别40、52及63分人民币。
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