《大行報告》美銀證券降李寧(02331.HK)目標價至25.5元 料今年稅後利潤重回正增長
美銀發表報告指,李寧(02331.HK)去年收入及稅後純利符合預期,收入按年升7%,核心稅後盈利按年則跌25%至30.5億元人民幣,意味淨利潤率為11%。該行相信去年為增長低谷,公司今年指引為中單位數收入增長及低雙位數(10%至14%)淨利潤率,意味今年稅後利潤有望重回正增長。縱使並不令人振奮,但相信仍勝預期。
該行下調對李寧今明兩年每股盈利預測各9%及11%,並下調李寧目標價,由26.5元降至25.5元,重申「買入」評級,基於正面的風險回報,基本因素正見底及可能出現的股市上升下,李寧可成為追求的貝塔選擇,基於該股有大量空倉及早前顯著跑輸。
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