You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》中銀國際降安踏(02020.HK)目標價至106元 仍為行業領軍者評級「買入」
阿思達克 07-16 16:02
中銀國際發表研究報告,指雖然安踏體育(02020.HK)核心品牌於今年次季零售銷售表現遜預期,但在高端品牌帶動下,整體零售銷售仍實現雙位數增長;此外,安踏留意到零售市場疲軟後,仍有信心採取矯正措施以提升下半年表現。中銀國際認為,安踏仍為行業領軍者,並認為安踏今年5月完成對德國戶外服飾品牌Jack Wolfskin業務的收購,助力其整體實現更強勁的收入增長。 中銀國際考慮到安踏體育穩健的增長和股本回報率,認為當前估值具吸引力,維持該股「買入」評級;並基於預測2025年市盈率20倍及港幣兌人民幣匯率變動,將目標價從111.7元下調至106元。 此外,中銀國際對安踏體育2025至27年各年每股盈測,分別下調8%、8%及6%,以反映其收購Jack Wolfskin可能略微稀釋利潤率;以及該行對2025年零售環境更為謹慎的預期,降低毛利率和營運利潤率假設;以及2025年次季度表現低於預期及其矯正措施的相關影響。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account