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《大行報告》大和上調特步(01368.HK)目標價至7.3元 評級「買入」
阿思達克 04-16 09:50
大和發表報告指,特步國際(01368.HK)公布首季營運表現,期內零售銷售增長55%,零售存貨周轉約為4.5個月,零售折扣水平約為25-30%,該行指特步今年以來股價雖已累升60%,但仍重申「買入」評級,認為股份在本土品牌獲重估的大背景下亦值得獲垂青,目標價由4.5元升至7.3元,此相當於綜合預測今明兩年市盈率20倍。

該行指出,特步國際今年首季零售存貨周轉改善至4.5個月,已接近回復至4個月的理想水平,而零售折扣進一步改善,期內特步品牌零售銷售表現強勁,特步管理層指4月以來勢頭更強。該行認為在新疆棉事件上,特步可受惠國潮趨勢及品牌升級,近期本土運動品牌等受惠新疆棉事件,消費者需求增加,相信趨勢配合國潮的勢頭將利好特步品牌提升。

大和指出,過去五年特步股價平均較安踏體育(02020.HK)及李寧(02331.HK)折讓約52%,主要因為市場份額及市值較低,現時股份折讓達57%,認為在品牌提升、國潮及行業重估的背景下,公司與大型同業之間的估值差距值得收窄。(el/w) ~

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