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《大行報告》麥格理削李寧(02331.HK)目標價至42元 下調盈測
阿思達克 10-27 11:26
麥格理發表研究報告,引述李寧(02331.HK)管理層在投資者會議中透露,因需要平衡未來數月供需關係,因此下調全年銷售流水指引至按年增長不超過10%。相應地麥格理亦將今年度收入增長預測調整為9%,料純利按年跌3%,淨利潤率料達到14%,今明兩年每股盈測分別下調8%及12%。 該行表示,管理層著手應對批發及線上渠道零售銷售表現疲軟問題,預計會為明年經營帶來更快的增長,維持「跑贏大市」評級,但將目標價從68元下調至42元,以反映公司需面對短期營運挑戰。 麥格理相信,市場可能會在短期內消化批發零售銷售復甦緩慢及利潤率受壓等負面消息,目前仍預期第四季零售流水會按季改善。
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