《大行報告》瑞銀首予滔搏(06110.HK)「買入」評級看15.18元 數碼轉型潛力未充分反映
瑞銀發表研究報告,首予滔搏(06110.HK)「買入」評級,以現金流折現率計,目標價15.18元。該行稱,滔搏是內地體品零售市場被低估的領袖,其數碼轉型潛力仍未被市場充分反映;市場亦過度憂慮其品牌直銷(DTC)及線上擴張的潛在壓力。滔搏現估值相當於明年預測市盈率17倍,其未來12個月預測市盈率與歷史均值相若,其他同業則受估值重評支持推升至歷史高位。
報告稱,市場未留意到公司透過WeChat生態系統增加線上銷售的上行潛力;預測2020至2023財年純利年均複合增長達20%,並料經營利潤率由2020財年的9.8%擴大至2023財年的11.5%,屬投資於國際體育品牌內地市場增長的穩定替代品,並具有優異股本回報率、現金流及強勁盈利增長紀錄,如同申洲(02313.HK)及安踏(02020.HK)。該行料滔搏2021財年下半年盈利強勁增長及與品牌深化合作可成為股價上升催化劑。
該行予滔搏2021至2023財年各年每股盈測分別40、52及63分人民幣。
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