《大行》大摩料9月內地零售需求難顯着復甦 關注消費股復甦速度及價格走勢
摩根士丹利研究報告指,內地8月零售銷售額增長持續放緩至3.4%,對比7月爲3.7%,低於市場預期的3.8%,反映消費需求持續疲弱。至於9月,在通縮環境及補貼效應減退下,該行料預期需求難以出現顯着復甦。
股份方面,該行認爲下半年的關注焦點將集中於復甦速度,而價格走勢將是影響股份重估的關鍵因素;消費推動政策或能爲需求情緒提供一定支持。高增長股份當中,該行偏好泡泡瑪特(09992.HK)和鉅子生物(02367.HK),目標價分別爲382港元及78港元,均予「增持」評級。
至於盈利具韌性及股東回報穩定的企業,包括百勝中國(YUMC.US)和安踏體育(02020.HK),目標價分別爲57美元及128港元,均予「增持」評級。
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