摩通:下調李寧(2331.HK)目標價至28.8港元 評級“增持”
摩通發佈報告稱,在李寧(2331.HK)發佈去年度業績後,仍相信該公司依靠改善基本面及提升品牌質量,較同行更能夠應對市場逆境,並能持續取得更多市場份額。
該行稱,李寧成本結構可變度高,預期支持其2020年核心淨利率可提升至至10%-10.5%。該行認為,李寧今年上半年銷售額表現持平或略有下降,但定價可望提高。考慮到李寧已被公認是具有中國象徵意義及運動時尚結合的運動服制造商,該行相信銷售渠道及供應鏈效率可支撐公司發展。
該行表示,將李寧2020至2021年盈利預測降低7%,目標價由31港元下調至28.8港元,維持“增持”評級,繼續為行業首選。

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