安踏體育(2020 HK) 剝離子品牌,合營公司聚焦核心業務 January 4, 2021 937

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKDHKD144.94

投資概要
合營公司剝離旗下子品牌
公司在 12 月 22 日公佈,合營公司 Amer Sports Holding (Cayman) Limited (AS Holding) 將
旗下品牌 Precor 出售予 Peloton Interactive, Inc. (PTON.US) ,總現金代價為美元 4.2 億元
(轉換為港幣約為 32.69 億元),對應 18/19 財年 P/E 分別為 40.0x/66.7x。Precor 主要
業務為設計生產及銷售健身器械。
本次交易預期將於 2021 年年內完成,完成後,Precor 資產將 100%由 Peloton 擁有。於
2020 年 10 月 31 日,Precor 業務的資產淨值及智識產權賬面價值約為 3.12 億美元。預
期在交易完成後,對合營集團產生約 2000 萬美元的利潤,按 52.70%的控股比例計算,
預期交易將為安踏於 2021 年貢獻約人民幣 6,900 萬的淨利。
子品牌與公司核心業務關連度較低
我們認為本次出售子品牌的交易有助合營公司集中未來發展核心業務。在收購 Amer 公
司時,安踏計劃集中發展鞋服品類的品牌,而 Precor 的主營業務與 Amer Sports 核心業
務關連度較小。在剝離非核心資產亦令 Amer 公司在未來能將資源集中在三大核心品牌
(始祖鳥、所羅門和威爾遜) 。本次交易所得款項有助改善 Amer 公司的現金流狀況,為
三大核心品牌建設直營大店和開拓鞋服產品線。另一方面,Precor品牌過往多年的EBIT
利潤率平均約 3%,較合營公司的貸款利率和 Amer Sports 整體 EBIT 利潤率為低,剝離
後合營公司的盈利能力有望提升。

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About the author

Profile photo of Timothy Chong

Timothy Chong
Analyst
Research

Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.

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