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基金經理觀點
> 正文
滔博財政穩健 股息率高 予目標價7.65港元
3/18/2024 5:07:25 PM
滔搏國際(06110.HK)是一家在國內從事運動鞋和服裝零售的公司。公司因同店銷售SSS的推動,上一季度零售銷售增長理想,回復至疫情前水平的80%。按渠道劃分,直接銷售和線上/線下銷售均同比增長達雙位數,超過批發渠道的增長率。2023年底,耐克高中籃球比賽推動新產品的銷售,庫存銷售比為4倍,庫存回到健康水平,營運恢復正常。此外,考慮到低端城市競爭激烈,而且老齡化問題比高端城市更加明顯,公司因地制宜,在低端城市採取相應合適的銷售策略,因此公司在三線及以下城市擁有廣泛的店鋪網絡,消費市場明顯分層。
綜合市場對滔博的盈利預測,基於13倍市盈率(0.6個標準差,高於其歷史平均12個月前瞻市盈率,反映作為國際品牌關鍵分銷商地位),目標價為7.65港元,加上其股息收益率高達6.5%,中長線投資者可考慮。
黃偉棠
時富時富金融研究部
於香港和美國金融服務業擁有超過20年豐富經驗,擅長於投資、基金管理、資產管理、股票研究等多個範疇。持有美國加州柏克萊大學和香港大學多個碩士及學士學位、亦為註冊會計師 (CPA)、特許金融分析師(CFA),以及大學高級講師。
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