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《大行》大摩升波司登(03998.HK)目標價至5.8元 重申「增持」評級
摩根士丹利研究報告指,波司登(03998.HK)2025年下半年暖冬造成的較低基數,以及其在冬季計劃推出的品牌行動,或有助於其核心業務加速發展。大摩重申波司登「增持」評級,基於2026年預期市盈率15倍,與其五年平均水平一致,目標價上調2%至5.8元。 報告提及,波司登聚焦核心, 旗下多品牌策略尚處於初期階段,但展現出規模擴張潛力。大摩預測,波司登毛利率略有擴張,因原材料成本可能更有利;核心羽絨服產品比例提升;直營與批發渠道增長同步。預計其2026財年銷售增長10%,淨利增長12%。 大摩認爲,波司登現價相當於2026財年市盈率12倍(3月底估值),低於歷史平均約一個標準差,且盈利展望較爲明朗,波司登股息率6%至7%仍被顯着低估。另外預測波司登2025至2027財年銷售和盈利的複合年均增長率分別爲10%和11%。
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