《大行報告》大摩降滔搏(06110.HK)目標價至8.5元 下調銷售及盈利預測
摩根士丹利發表報告,預料滔搏(06110.HK)截至8月底止2024財年上半年銷售及純利分別錄得8%及16%增長,又認為其Nike銷售增長大致上和其他內地大型品牌一致,但其Adidas銷售或跑輸行業。該行料,滔搏毛利率跌1.6個百分點至44%;另在進一步優化成本結構下,營運開支比例料降至33.5%。
考慮宏觀復甦疲弱,該行降滔搏2024至2026財年各年盈測分別5%、8%及9%,對其銷售預測降幅相若;並料其門店擴張較中國同業為慢,因滔搏更專注於店面每平方米銷售。此外,利基、高端品牌增長快速,勢頭值得注意。大摩將滔搏目標價由9.2元下調至8.5元,維持「增持」評級。
該行指滔搏現估值相當於預測2024公曆年市盈率11倍,意味股息率約7%至8%,並料其2024及2025財年純利各按年增35%及14%,風險回報吸引。
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