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摩通:升安踏(2020.HK)目標價至92港元 評級“增持”
格隆匯 12-12 10:45

摩根大通發表報告表示,安踏(02020.HK)維持Amer於2019至2023年之銷售複合年增長率在10%至15%的目標,且料盈利增長高於銷售增長;管理層公佈Amer於中國及海外市場的拓展計劃將有助增加市場信心,公司預計與Amer合營公司將於明年開始有盈利。

該行重申其對安踏中長期前景正面的看法,主因內地體育用品市場之結構性增長、公司多品牌策略持續擴大中高端客户羣等帶來增長動力。不過該行下調其2019至2020年度盈利預測9%及4%,以反映其推廣宣傳費用增加,惟升其2021年盈利預測2%,目標價相應由90港元調升至92港元,維持“增持”評級。

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