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《大行报告》花旗:安踏(02020.HK)遭大股东减持利淡股价 维持「沽售」评级
阿思达克 04-21 14:19
安踏体育(02020.HK)遭控股股东配股按每股131.48元配售3.3%的股份。花旗发表报告指,今次配股是中国内需股近十年最大规模配售交易之一,预计今次大股东配股减持会令投资者对安踏股票出现负面情绪,加上安踏品牌的整体零售额增幅明显低於李宁(02331.HK),而安踏首季的线下销售与2019年同期相比只录得温和增长,同样低於李宁。

该行维持安踏「沽售」评级及目标价49.6元,相等於2021年预测市盈率19倍。花旗认为,看好中国体育用品行业价值的投资者可以考虑滔搏(06110.HK),因新疆棉花事件对Nike或Adidas造成的负面情绪影响已属过度。而在内地体育用品行业中,该行亦更偏好李宁(02331.HK)及滔搏(06110.HK)。

另外,花旗提到,由於安踏旗下Amer无意退出良好棉花发展协会(BCI),所以即使管理层表示到目前为止新疆棉花事件对Amer中国业务影响很小,但仍未能确定国内消费者对Amer在中国的品牌的看法。

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