《大行报告》大和上调特步(01368.HK)目标价至7.3元 评级「买入」
大和发表报告指,特步国际(01368.HK)公布首季营运表现,期内零售销售增长55%,零售存货周转约为4.5个月,零售折扣水平约为25-30%,该行指特步今年以来股价虽已累升60%,但仍重申「买入」评级,认为股份在本土品牌获重估的大背景下亦值得获垂青,目标价由4.5元升至7.3元,此相当於综合预测今明两年市盈率20倍。
该行指出,特步国际今年首季零售存货周转改善至4.5个月,已接近回复至4个月的理想水平,而零售折扣进一步改善,期内特步品牌零售销售表现强劲,特步管理层指4月以来势头更强。该行认为在新疆棉事件上,特步可受惠国潮趋势及品牌升级,近期本土运动品牌等受惠新疆棉事件,消费者需求增加,相信趋势配合国潮的势头将利好特步品牌提升。
大和指出,过去五年特步股价平均较安踏体育(02020.HK)及李宁(02331.HK)折让约52%,主要因为市场份额及市值较低,现时股份折让达57%,认为在品牌提升、国潮及行业重估的背景下,公司与大型同业之间的估值差距值得收窄。(el/w) ~
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