《大行报告》瑞信下调李宁(02331.HK)目标价至61元 评级「跑赢大市」
瑞信发表报告表示,李宁(02331.HK)去年下半年纯利高於市场预期16.9%,同时第四季直销渠道销售增长加快至中双位数,较第三季之中单位数有明显改善,且较其他本地品牌优胜。
该行认为,李宁今年度预测较保守,相信其收益将按年升近30%,相对於公司料升约25%;更预期公司将於未来3年加快开店步伐。该行轻微下调其今明两年度每股盈利预测0.6%及1%,料未来3年之盈利年复合增长率达36%,目标价由69元降至61元,维持「跑赢大市」评级及为行业首选。
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