《大行報告》大摩下調李寧(02331.HK)目標價至102元 評級「增持」
摩根士丹利發表研究報告指,市場近期表現反映出投資者已考慮到李寧(02331.HK)正面對的各種非運營或短期挑戰,雖然估值水平持續上升,但市盈率有所下降,預期情況能會持續一段時間,但相信看好李寧核心競爭力的投資者最終可獲可觀回報,對其維持「增持」評級。
大摩指,李寧去年第四季零售銷售增長超過30%,超出該行預期,而今年首季至今線上及線下零售銷售更分別增長逾60%及30%,銷情未受最近各地疫情影響,過去一星期線下零售仍然錄得15%左右增幅,預期首季零售銷售增長將達到約35%,高過該行預期的20%至30%。
該行認為,計及疫情走勢,公司今年收入增長指引令人鼓舞,預測增幅可達20%,當中上半年料接近20%,下半年預期超過20%。
大摩表示,隨著負面因素消退,預期市場會對李寧潛在的強勁增長重新定價,建議投資者留意入市機會,將目標價由111元下調至102元,對應今明兩年預測市盈率約45倍及35倍。
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