《大行報告》中金降特步(01368.HK)目標價至5.69元 進一步收購索康尼相關資產完善跑步賽道佈局
特步國際(01368.HK)斥6,100萬美元增持索康尼及邁樂品牌業務。中金髮表報告指,集團進一步收購專業運動板塊中國區營運權及索康尼相關IP,完善跑步賽道佈局,管理層預計該等交易有望於2024年1月1日或之前完成。
報告提到,截至今年6月底,索康尼及邁樂在中國內地分別有80及5家店。管理層計劃繼續加快索康尼及邁樂的開店步伐和精細化營運,預計年末索康尼門店有望突破110家,2024年索康尼預計將實現逾50%收入增長。
報告指,據Euromonitor,今年中國運動鞋市場規模達2,241億元人民幣,2018至2023年年均複合增長率約8.1%。Euromonitor預計中國運動鞋市場規模2028年有望以7.8%的年均複合增長率增至3,258億元人民幣。該行認爲在該市場的較快增長下,特步主品牌及索康尼在大衆市場及中高端市場的協同配合有望帶動公司實現高質量增長。
該行維持公司2023/24年每股盈測0.39元及0.48元不變,目前股價對應2023/24年預測市盈率10倍及8倍,維持「跑贏行業」評級,惟考慮近期行業估值回落,下調目標價28%至5.69元。
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