《大行報告》摩通降特步國際(01368.HK)目標價至4.1元 今年銷售增長指引保守
摩根大通發表報告,指特步國際(01368.HK)去年銷售及盈利分別按年升11%及12%,符合該行預期。該行調整對公司今明兩年盈利預測,目標價由4.2元降至4.1元,相等於預測未來12個月市盈率7倍,維持「中性」投資評級,基於行業增長放緩及內地消費需求疲弱。
報告引述管理層指,公司本年至今零售銷售在去年高基數下維持正增長,但報告形容今年指引保守,管理層對零售環境持審慎觀點,料全年集團層面銷售按年升幅低於10%,以及盈利增長料跑贏銷售增幅。另外,庫存回落至4至4.5個月的健康水平;Saucony去年實現盈利,但K-Swiss及Palladium海外業務仍然疲弱。
該行又指,特步末期息每股8仙,連同中期息每股13.7仙,意味全年派息比率為50%,按年持平,惟低於2020及2021年的60%。
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