《大行報告》摩通降李寧(02331.HK)評級至「減持」 目標價削至14元
摩根大通發表報告,將李寧(02331.HK)2023財年至2025財年盈利預測下調7至20%,以反映目前宏觀環境下銷售增長下降和支出增加的因素等。
該行指,對李寧的近期基本面越來越擔憂,因內地需求增長放緩。此外,日益激烈的競爭可能會增加李寧銷售和盈利的不確定性,並增加營運費用的投入。
摩根大通認為,在宏觀和整個行業面臨挑戰的背景下,單一品牌戰略比執行良好的多品牌組合面臨更多不確定性。因此將李寧評級由「增持」下調至「減持」,並將其列入負面催化劑觀察名單,認為目前股價沒有適當考慮盈利下行的因素,並預計在3月份業績報告中可能下調業績展望前,股價將出現波動。該行將李寧目標價由45.4元大降至14元,此按現金流折現率作估值,相當於未來12個月預測市盈率8倍。
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