大行評級|里昂:消費股首選安踏、普拉達、新秀麗及裕元集團 具有良好防守性
里昂發表研究報吿指,相比起美國2018年的關税政策,明年可能實施的特朗普2.0關税覆蓋範圍更廣泛,全球市場都將受到影響,同時六年過去中國的出口已變得更多元化,對美國的依賴度已有所下降,品牌及OEM公司的業務已較五至六年更具防守性,相信更能適應政策變化。里昂指出,對於品牌商而言,提價可能是較容易的手段來應對關税措施,但相信行業龍頭不會輕易嘗試,而是會致力於平衡市場份額與盈利能力,預期品牌和OEM公司會通過優化成本結構,來達至長期可持續發展。在美國關税潛在影響下,該行列安踏、普拉達、新秀麗及裕元集團為首選股,認為普遍具有良好防守性,均給予“跑贏大市”評級,目標價分別為108港元、68港元、22港元及21港元。
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