美銀美林:升安踏(2020.HK)目標價至78.5港元 評級“買入”
美銀美林發表研究報告,上調安踏(02020.HK)今明兩年盈測3%及4%,將目標價上調12%至78.5港元,重申“買入”投資評級。對公司2019及2020年的税後淨溢利預測,較市場預期分別高出5%及12%,主要是由於更快的收入增長,以及來自Amer合營公司更高的貢獻。
該行預期,隨着安踏品牌加快以及Fila增速優於預期,預期第三季的表現穩健。另外,12月中的Amer投資者日可能會令人們對其增長前景更有信心,成為公司另一箇中期增長動力。
此外,基於強勁的現金流,公司或會逐步償還其貸款並因而恢復派息比率。該行對中國運動服飾行業的結構增長,以及安踏的「多品牌、多渠道」的長期增長前景維持正面看法。
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