《大行報告》匯豐研究下調安踏(02020.HK)目標價至105.5元 評級「持有」
匯豐環球研究發表報告,指內地疫情導致的部份城市「封城」,拖累了安踏(02020.HK)3月最後兩週的增長,公司管理層預計影響將持續到今年第二季,其中估計旗下Fila受的影響更大。
該行表示,將安踏2022年每股盈利預測下調9.4%至2.88元人民幣,主要由於Fila收入減少。該行維持安踏「持有」評級,目標價下調9.6%,由116.7元降至105.5元,此按現金流折現率作估值,相當預測今明兩年市盈率各29.4倍及24.5倍。
匯豐研究表示,將安踏旗下Fila品牌的今年增長預測下調至7%,營運毛利率由24.5%下調至22.5%,安踏品牌今年的零售流水預測由15%下調至13%,營運毛利率由16.1%下調至14.7%,因此對安踏今年收入預測下調3%,淨利潤預測下調9%。
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