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小摩:予波司登“增持”评级 目标价4.6港元

Komo: Yobosideng's “increase in holdings” rating target price of HK$4.6

新浪港股 ·  12/01/2023 15:38

J.P. Morgan Chase released a research report saying that it is optimistic that Bosideng (03998) will achieve the three-year compound annual sales growth rate target of not less than the past five years, and still believes that the group will continue to outperform the market. Supported by increased brand assets, strong product supply, efficient operation capabilities and upgraded lightweight down jackets, the bank's target price is HK$4.6, and the rating is “increased.”

According to the report, the sales growth target of the Group's manufacturing business in the 2024 fiscal year is 15% to 20%, and the sales growth target for the 2024 fiscal year is basically the same. 500 new stores have been added. The dividend rate should remain unchanged, and it should remain stable over the next few years to balance business expansion demand and shareholder returns. The bank estimates that Bosideng's sales and profit compound annual growth rates for the 2024-26 fiscal year will reach 15% and 18% respectively, while the gross margin and net profit margin for the 2026 fiscal year will expand by 30 basis points/120 basis points to 59.8%/13.9%, respectively.

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