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大行評級|大摩:予李寧目標價51港元 評級“增持” 管理層表態可能提振市場情緒
格隆匯 11-03 11:39
摩根士丹利發表報吿指出,李寧CEO堅決肯定渠道庫存健康,以及減少出貨為優先措施,可能提振市場情緒。管理層稱,明年目標與指導性削減無關,亦不涉及庫存或店面的大幅調整。此外,李寧CEO否認最近有關高層變動的猜測。管理層確認減產是一項優先措施,反映公司在設定較低庫存目標方面的更高標準。對於第四季保留的庫存,公司不會進行減價促銷,反而計劃以合理的價格有序銷售該批產品。展望明年,該行引述李寧管理層指目前要提供指引還為時尚早,但公司將優先考慮業務質量,因此該行預期公司目標是經營利潤率有所改善,意味着銷售增長亦是非常重要的關鍵績效指標。未經授權銷售方面,新的預防措施已準備就緒,料明年首季起有所改善,並於明年第四季基本解決。該行對李寧目標價為51港元,評級“增持”。
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