《大行報告》美銀證券降李寧(02331.HK)評級至「中性」 削目標價至36元
美銀證券發表報告指,李寧(02331.HK)第三季零售流水按年錄中單位數增長,遜市場預期,並較同行落後,公司亦進一步下調全年收入增長指引至高單位數,反映線上銷售疲軟及分銷商補貨保守。電商折扣幅度擴大、以及營運支出對銷售佔比擴張或會進一步壓抑盈利能力,而公司增長能見度仍保持低。該行認為短期催化劑有限,難以支持估值重評。
該行將李寧今明兩年每股盈測各降19%,並下調估值基礎,由目標市盈率24倍降至20倍,以反映增長前景放緩,目標價相應大削32%,由57元降至36元,其評級由「買入」降至「中性」。
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