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《大行報告》麥格理下調安踏(02020.HK)目標價至119元 評級「跑贏大市」
阿思達克 04-19 11:17
麥格理下調安踏(02020.HK)目標價,由130元降至119元,維持「跑贏大市」評級。該行對中國體育用品業長期機會仍持正面看法。 該行下調對安踏今明兩年盈利預測各8%,反映新冠封鎖措施的持續影響,並指復甦在今年第二季需時實現,該行預期安跟今年收入按年升4%,明年則加快至28%。 該行亦指,安踏及FILA品牌今年首兩個月分別錄得逾兩成及中至高雙位數增長,但在3月則分別錄中單位數及兩成跌幅。受防疫封鎖影響地區,安踏及FILA品牌3月銷售分別按年跌三至四成及四成。4月首兩周銷售動力亦較3月最後一周為弱。根據武漢2020年疫情經驗,零售銷售復甦將為逐步性。 基於銷售疲弱延續至第二季,該行下調對公司今年收入估算5%,其中FILA品牌收入估算下調7%,因後者於高端城市有較多業務。
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