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中国多家体育品牌被GMT做空 安踏(02020.HK)大跌近6%

格隆汇14日讯,近期做空机构频频出手,继5月底BlueOrca做空新秀丽、昨日浑水做空好未来后,其实6月12日做空机构GMT也发了一份做空报告,只是这次的做空对象是中国多家体育品牌。

做空报告称,自2005年以来,在上市的16家中国体育用品公司中,已经有9家被证实是骗子,全部来自福建,不幸的是,其他7家公司中,包括安踏(02020.HK)、特步(01368.HK)和361度(01361.HK)等,这些公司与已经被证实是骗子的公司存在诸多相同的特征。GMT建议卖出或回避这些公司。

做空报告重点提到了安踏,称17年公司的营业利润是有史以来第三高。GMT称安踏利润率难以置信,认为安踏要么是世界最好的体育用品公司,要么就是个骗子公司,GMT称他更倾向于认为安踏是个骗子公司,认为安踏只值10港元。GMT同时也称,即便安踏是世界上最好的体育用品公司,目前安踏34倍的估值也是很高了。

今日体育用品股全线大跌,其中李宁(02331.HK)和安踏(02020.HK)目前跌幅超5%。

安踏(02020.HK)目前的价格为46.25港元,和GMT的目标价10港元相比,还有近80%的下跌空间。

报告还称,裕元相对干净,宝胜会计上有些违规,李宁虚增了2011年以来的营收,中国动向虚增了2011年以来的利润,361度虚增利润,特步操纵了利润......

附做空报告重点摘要:

Nine out of the sixteen Chinese sportswear companies listed since 2005 have turned out to be frauds, all of them from Fujian. Their financials shared a number of characteristics which are rarely exhibited by other listed companies. The most obvious giveaway is that past frauds were more profitable than sector global leaders, such as Nike. Unfortunately, of the seven remaining companies, Anta, Xtep and 361 Degrees share these fraud- like traits, and also come from Fujian. Indeed, Anta’s FY17 operating margin is the third highest ever recorded in the sector; the other nine in the top ten turned out to be frauds. SELL or AVOID all three.

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