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《大行》美銀證券降波司登(03998.HK)目標價至5元 重申 「買入」評級
阿思達克 06-30 15:28
美銀證券發表報告指,波司登(03998.HK)今年3月底止2025財政年度的業績大致符合預期。收入和淨利潤按年增長 11.6%和13.9%,下半財年收入和淨利潤按年增長則從上半財年17.8%和24.7%放緩至8.6%和9.4%。暖冬影響及較早出現的農曆新年是拖累業績的主要因素,但營運利潤維持良好,毛利率惡化被有效的行銷成本節省所抵銷。 美銀證券降其2026及27財年盈測分別6%及9%,對波司登目標價由5.3元下調至5元。然而仍重申「買入」評級,因其在核心品類羽絨外套的市場佔有率穩健上升,該股現價相當於預測2026財年市盈率12倍,較其五年平均值低18%,風險回報吸引,股息率料約7%。
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