招銀國際:Nike季度業績強勁 料申洲、寶勝及滔搏均受惠
招銀國際報告稱,運動服裝公司Nike 6至8月的季度業績強勁,收入及純利按年跌1%及升11%,較市場預期高,扭轉了3至5月份的季度虧損。期內大中華區銷售增長由1%加快至8%,而電子銷售大增83%。
該行相信市場將上調Nike的銷售預測,對其代工生產商申洲國際(2313.HK)有利。Nike的庫存亦正改善,按年升幅由31%回落至15%,預期零售折扣於9至11月份仍會較大,但12月開始的季度料將大幅改善,對於內地分銷商寶勝國際(3813.HK)及滔搏(6110.HK)略為有利。
考慮到估值,目前較看好寶勝,2021年度預測市盈率約8倍,其次是滔搏及申洲,2021年度預測市盈率分別約18倍及27倍。
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