大和:升特步(1368.HK)評級至“跑贏大市” 目標價下調至5港元
大和發表研究報告指,特步(01368.HK)股價由今年高位回落35%,主要是因為市場憂慮9月份的銷售增長勢頭惡化,但該行認為市場的反應過度,而目前的估值水平為長期投資者提供了一個具吸引力的入市機會。雖然缺乏短期的催化劑,但相信公司仍可繼續採取多品牌的策略。
該行引述管理層指,維持2019年核心品牌銷售增長超過20%的目標,並預計2019年8月至12月合併K-Swiss及Palladium的貢獻約5億元人民幣。展望未來,管理層仍對2020年的銷售增長維持樂觀的態度,預期核心品牌的銷售增長約10至15%,來自K-Swiss及Palladium的貢獻約13億元人民幣。
大和將公司的投資評級由原來的“持有”上調至“跑贏大市”,2019至2021年的收入預測上調6至12%,但將2019至2021年的每股盈利預測下調2至7%,目標價亦由原來的5.4港元下調至5港元。

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