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《大行報告》花旗對李寧(02331.HK)配股規模及時機感驚訝 料安踏(02020.HK)面臨更大壓力
李寧(02331.HK)主要股東以先舊後新方式,配售1.2億股李寧股份,相關股份佔李寧擴大後股本4.59%,料淨籌104.3億元。花旗發表研究報告指,是次配股在規模及時機上都令該行感到驚訝。在第三季業績勝預期後,發行新股以爲未來擴張鋪路是可以理解,但在內地消費市場放緩時,大型「抽水」活動或短期壓抑板塊投資情緒。 交易後李寧將持有24億美元現金,該行料其透過加快大型新店開張及潛在鉅額併購,加快在新範疇上擴張,如運動時裝及戶外服飾等,料對競爭對手安踏(02020.HK)旗下Fila及Amer內地業務帶來更大壓力。板塊內該行續喜好滔搏(06110.HK)及李寧,均予「買入」評級,滔搏目標價16.26元;對安踏則給予「沽售」評級。
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