《大行報告》摩通升特步(01368.HK)目標價至17元 指中期盈喜指引優預期
就特步國際(01368.HK)發盈喜,預計截至今年6月30日止六個月錄得綜合溢利按年大幅增加不少於65%,摩根大發表報告指公司所發盈喜指引高於該行原先預期,若撇除來自新品牌業務的虧損,該行料特步核心品牌純利按年升約50%,主要是由於分銷商補貨訂單強勁及電子商務業務穩健、及第二季產品創新提升了毛利率。
該行指,特步亦公布今年第二季特步主品牌零售銷售(包括線上線下渠道)按年增長30%至35%,大致符合該行預期。
摩根大通認為特步強勁業績,相信是受益於於公司優化線上及線下渠道、提供穩固產品、令品牌資產提升、市場對內地本土品牌的好感度因素等,該行將特步2021至2023盈利預測上調5%至10%,上調對其目標價由12.5元升至17元,此按現金流折現率作估值,相當於預測未來12個月市盈率31倍,維持「增持」評級。
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