大行評級|德銀:上調安踏目標價至118港元 去年業績符合預期
德銀研究報告表示,安踏去年業績符合預期,核心純利按年升16%,而去年的表現反映多品牌策略開始有成果,以零售銷售計,安踏體育超越耐克成爲內地體育服裝公司首位,市佔率達23%。該行指,管理層對內地的消費情緒及海外市場的增長潛力表現樂觀,認爲公司品牌網絡的升級和多元化應會繼續。該行預期未來三年安踏體育收入的年均複合增長率達9%,每股盈利年均複合增長率爲低雙位數(low-teens),將目標價由110港元上調至118港元,評級“買入”。
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