《大行報告》摩通下調特步(01368.HK)目標價至12.9元 評級維持「增持」
摩通發表評級報告指,特步(01368.HK)第三季零售銷售率按年增20%至25%,略高該行預測的20%,並跑贏安踏體育(02020.HK)呈按年中單位數增長及Fila呈按年低雙位數增長。
該行指,即使考慮到天氣等因素,在國慶假期期間,公司呈14%-16%(mid-teens)增長,相比安踏體育及Fila呈正增長;該行認為公司在第四季能見度低,約20%商店受影響,加上假期後零售額開始減速;透過線上及特賣場等渠道,折扣水平或在第四季加大,令庫存水平達致正常化;管理層對明年展望持保守看法,惟在產品及渠道提升的支持下,管理層仍有信心達到2025年目標。
該行將公司2022年至24年盈利預測下調2%至4%,將其目標價由15.9元下調至12.9元,維持其評級為「增持」。(ca/u)
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