大行評級|中銀國際:對申洲國際的盈利保持信心 預期安踏是耐克困境下的間接受益者
中銀國際發表報吿指,自從耐克在6月下調盈利指引後,認為耐克的問題較預期嚴重。一方面認為品牌在西方和中國的需求會面臨挑戰,而這需要一到兩年重新調整。另一方面,這會對公司的供應商帶來訂單的不確定性。該行預期下游的問題會比較嚴峻,而在中國尤甚。與此同時,考慮到上游龍頭在調整訂單方面的韌性,對這些公司保持正面的看法。
該行對申洲國際的盈利保持信心,評級“買入”,目標價為93港元。該行預期安踏會是耐克困境下的間接受益者,評級“買入”,目標價為94.8港元。考慮滔搏盈利可見度低,評級由“買入”降至“持有”,目標價由7.5港元削至2.5港元。
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