《大行報告》瑞銀上調安踏(02020.HK)目標價至156.2元 評級「買入」
瑞銀及表的研究報告指,今年以來安踏體育(02020.HK)股價表現強勁,維持「買入」評級,目標價升至156.2元(原本127.72元)。該行認為安踏受惠中國冬季運動市場長期潛在增長,帶動公司戶外品牌組合未來將成功;「北水」在中國運動用品股中亦較喜愛安踏,估計會吸引額外資金流入;另外,向消費者直銷的計劃長遠亦會為公司帶來利益,Amer品牌最差的情況亦已過去。估計公司30周年,加上新品推出,及2020年冬奧等均是股價催化劑。
該行相信安踏的戶外品牌可受惠內地發展中的滑雪市場,另外亦受中國政策及2022年北京冬奧支持,由於滲透率僅1%,低於日本、南韓及俄羅斯,料中國滑雪潮仍處於潛在高增長階段,估計到2025年戶外品牌盈利貢獻將由2020年的-10%增至正高單位數。
瑞銀認為「北水」持股比例由2017年的5%增至近期的25%,是該行覆蓋的內地體育用品股中最高,相信在岸投資者喜歡安踏的可持續增長及多品牌策略等,該行的團隊估計隨著內地居民資產更多配置在股市,料將帶動「北水」流入。(el/u) ~
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