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《大行報告》花旗下調波司登(03998.HK)目標價至4.7元 評級「買入」
阿思達克 07-03 11:22
花旗發表報告指出,波司登(03998.HK)管理層解釋公司2023財年下半年的批發收入意外下滑,主要由於為經銷商提供更多支持(如新店補貼及庫存回購),以助他們從疫情中快速恢復。 波司登管理層預計未來3至5年的收入年均複合增長率將不低於2018至2023財年13.6%水平,因為公司持續擴張毛利率,並有信心在透過提高門店效率及優化店舖網絡支持下,有望實現2024財年收入按年增長15%至20%。 花旗認為,在宏觀環境疲弱下,波司登收入前景更為審慎,對其2024及2025財年的盈利預測下調8.7%及10.5%。此外,該行指波司登估值仍具吸引力,股息率不錯,對其目標價由5.35元下調至4.7元,評級「買入」。
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