《大行報告》大摩上調李寧(02331.HK)目標價至111元 評級「增持」
大摩發表報告,在李寧(02331.HK)完成配股後,提高對銷售、盈利和每股盈利預測。目標價由107元上調至111元,評級「增持」。
大摩將李寧2021年/2022年/2023年的銷售預測分別提高1%/5%/8%,最新銷售增長預測爲50%/22%/21%。在中國李寧和李寧YOUNG的快速擴張之外,女性運動裝、體育運動、LN-1990和其他類別(乒乓球和羽毛球)的新業務應該會提升收入增長,並繼續看好其強勁的市場份額增長。
該行將2021年/2022年/2023年的淨利潤預測分別提高4%/9%/8%,目前盈利增長預測分別達到120%/33%/24%。相比之下,2021年至2023年的每股盈利預測只提高約4%,主要是反映配股後股權稀釋因素。
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