《大行報告》大華繼顯升李寧(02331.HK)評級至「持有」 目標價上調至19.6元
大華繼顯發表研究報告,受累銷售開支增加,李寧(02331.HK)去年業績遜預期,但去年底止庫存周轉降至3.6個月屬亮點。該行欣賞公司推出舉措長遠優化其營運。不過短期而言,李寧不確定性持續,銷售勢頭有待回升(本年至今銷售去化持平),公司仍處於渠道轉型的階段,降今明兩年盈測介乎7%至15%,目標價由18.8元輕微上調至19.6元,相當於預測今年市盈率12.2倍,評級升至「持有」。
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