《大行報告》花旗:波司登(03998.HK)中期業績大致符預期 評級「買入」
花旗發表研究報告指,波司登(03998.HK)上半財年純利按年增15%至7.34億元人民幣,收入增14.1%至61億元人民幣,業績表現大致符合預期,惟細分市場表現則個別發展,羽絨服業務銷售趨勢較為疲弱,按年增長一成;代工業務表現優於市場,按年增長33%。
報告又指,由於集團繼續改善庫存管理,庫存水平和庫存天數均按年錄得下跌。庫存日數減少31天至181天。 然而,應收貨日數增加9天至84天,主要是集中在羽絨服業務。該行予集團目標價5.6元及「買入」評級。
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