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《大行報告》花旗:安踏(02020.HK)遭大股東減持利淡股價 維持「沽售」評級
阿思達克 04-21 14:19
安踏體育(02020.HK)遭控股股東配股按每股131.48元配售3.3%的股份。花旗發表報告指,今次配股是中國內需股近十年最大規模配售交易之一,預計今次大股東配股減持會令投資者對安踏股票出現負面情緒,加上安踏品牌的整體零售額增幅明顯低於李寧(02331.HK),而安踏首季的線下銷售與2019年同期相比只錄得溫和增長,同樣低於李寧。

該行維持安踏「沽售」評級及目標價49.6元,相等於2021年預測市盈率19倍。花旗認為,看好中國體育用品行業價值的投資者可以考慮滔搏(06110.HK),因新疆棉花事件對Nike或Adidas造成的負面情緒影響已屬過度。而在內地體育用品行業中,該行亦更偏好李寧(02331.HK)及滔搏(06110.HK)。

另外,花旗提到,由於安踏旗下Amer無意退出良好棉花發展協會(BCI),所以即使管理層表示到目前為止新疆棉花事件對Amer中國業務影響很小,但仍未能確定國內消費者對Amer在中國的品牌的看法。

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