《大行報告》花旗一舉升安踏(02020.HK)評級至「買入」 目標價上調至105.3元
花旗發表報告指,安踏體育(02020.HK)上半年淨利潤(不包括合營公司虧損)按年下降10%,仍較該行預期高出10%。考慮到公司努力降低存貨風險,經營溢利率更加正常化,以及下半年低基數因素,更看好Fila業務前景。在Fila業務連續四個季度大幅放緩後,預計今年下半年Fila銷售和利潤率將趨於穩定,將有助減輕安踏業務的下行風險,因爲Adidas可能在低線城市積極清理庫存。
該行認爲,目前安踏的風險回報狀況大幅改善,將評級由「沽售」一舉升至「買入」,目標價由67.4元大幅升至105.3元。
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