《大行報告》瑞銀下調滔搏(06110.HK)目標價至10.4元 評級「買入」
瑞銀報告指出,下調滔搏(06110.HK)2022-24年盈測5%至8%,目標價由11.51元降至10.4元,維持評級「買入」。該行參考同業寶勝(03813.HK)近期公布的首季盈警,指受到疫情及內地防疫措施影響,寶勝料首季收入及純利分別按年下跌25%及70%。寶勝1月銷售按年升13%,惟2月至3月分別跌46%及43%。該行預期,內地自3月封城,亦會對滔搏銷售及盈利能力造成負面影響,不過集團同時通過與品牌的更密切關係及更高的營運效率等措施帶來的利好因素抵銷部份負面影響。
該行指,與本土體育品牌(如李寧及安踏)相比,國際品牌仍然面對內地負面消費情緒及供應鏈短缺問題。以過往歷史來看,去年國際品牌在內地體育市場的市佔率已降至58%,折扣率亦有所提高,顯示國際品牌需要更大力度吸引客戶。
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