《大行報告》瑞銀上調安踏(02020.HK)目標價至217元 評級「買入」
瑞銀發表研究報告,指安踏體育(02020.HK)上半年表現勝盈喜指引,收入和EBIT符預期,純利勝預期,主因錄匯兌收益,但部份被政府補助金額減少所抵銷。該行上調集團2021-23年盈測0%至2%,目標價由206元升至217元,評級維持「買入」。
該行指,公司7月銷售因奧運而見增長,惟8月受累COVID-19情況和經濟放慢。下半年利潤見潛在壓力,因受奧運推廣開支增加,以及安踏品牌的擴張計劃所影響。
該行又指,對Amer感審慎樂觀,認為其他越南供應商的生產限制或影響Amer全年收支平衡的預期。零售經營利潤在上半年為中單位數,拖累安踏整體利潤,一旦零售業務利潤長遠達高單位數,料經營溢利可重返過往水平。安踏品牌未來24個月計劃增加更多高端產品及維持大眾市場產品。
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