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《大行報告》大摩降安踏(02020.HK)目標價至111元 漫長比賽中砥礪前行
阿思達克 02-27 10:40
摩根士丹利發表報告指,安踏(02020.HK)過往的表現反映強勁的複合盈利增長,在漫長比賽中前行,增長動力包括安踏品牌重新發力;即使消費降級,FILA品牌仍然跑出;Descente及Kolon品牌的強勁增長;Amer品牌的長遠潛力。因此,安踏值得取得估值溢價。 該行維持其「增持」評級,因為其盈利增長的持續能力尚未於股價反映,雖然中國的宏觀環境仍然不利,但建議投資者趁低吸納。該行將其2023至2025年盈利預測上調1%至6%,由於本港市場普遍下調評級,將其今年預測市盈率下調至25倍,目標價由124元下調至111元。
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