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《大行报告》大摩:对内地体育用品股基本面正面 吁增持安踏、李宁及滔搏
阿思达克 02-01 14:17
摩根士丹利发表报告指,由於过去两年内地体育用品股市盈率扩张,加上近期市场情况不稳定,该行接触的投资者似乎更倾向在相关股份上获利。不过,该行对内地体育用品行业的基本面和相对估值更为乐观,认为在波动过後该行予「增持」的股份会有跑赢表现。

大摩表示,安踏(02020.HK)股价在2019年上升86%,去年上升76%,预测市盈率由18倍升至36倍;李宁(02331.HK)股价在2019年更升178%,去年亦升128%,预测市盈率由19倍升至51倍,认为在经过2019年及去年的强劲股价表现後,预期安踏及李宁今年的回报降低亦属合理,但该行有信心若其他消费行业龙头的整体估值框架仍大致完好,体育用品股股价可达到其目标价。

行业中,大摩对安踏、李宁及滔搏(06110.HK)股份评级为「增持」,目标价分别161元、64元及15.3元。该行提到,假如只看非常短期的动态,若市场波动持续,安踏及滔搏股价料会相对稳定。

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