《大行報告》花旗對安踏(02020.HK)派特別息感意外 維持「沽售」評級
花旗發表報告指,安踏(02020.HK)意外地派發三十周年中期特別股息,距離今年4月主要股東配股集資15億美元僅八個月。
該行認為,集團是次派發特別息並非謹慎的現金管理,主因其未償還債務總額達120億元人民幣、今年下半年的營運資金壓力不斷增加(銷售明顯較上半年放緩)、中國消費於今年第四季及明年首季將更顯著放慢、及「Amer」品牌的現金流壓力上升等。
安踏官方微博披露主要股東將成立百億人民幣公益基金,花旗預計,若假設其中八成捐獻來自轉移安踏股份,這實際相當於大股東減持股份,料將導致市場對該股有進一步負面情緒,維持對股份「沽售」評級,目標價71.3元。
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