《大行報告》摩通下調李寧(02331.HK)目標價至88元 評級「增持」
摩根大通發表報告指,李寧(02331.HK)首季銷售增長基本符合該行預期。3月份銷售減速主要是受去年高基數及今年3月中旬以來在上海、深圳、吉林爆發的疫情影響。
踏入4月,該行認為基數效應應該逐步改善,但新冠疫情仍然是一個短期的不利因素。
摩通指,考慮到在持續的疫情下,李寧銷售和利潤率減弱,將2022年至2024年的盈利預測削減4%至5%,降李寧目標價由91.6元下調至88元,此按現金流折現率作估值,相當預測未來12個月市盈率30倍,維持「增持」評級。
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