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《大行报告》摩通下调莎莎(00178.HK)目标价至2.5元评级「中性」
阿思达克 06-21 11:05

摩通发表研究报告指,莎莎(00178.HK)全年经营溢利按年跌近1%,较该行及市场预期好,主因少於预期的批发收入,令毛利率摊薄减少。不过,管理层在分析员会议上披露,今年4月至6月16日香港同店销售按年跌近15%,大致上因4月份疲弱表现及6月第二个星期发生示威所拖累。

该行重申莎莎评级「中性」,并相信大部分负面因素已反映出来,但若示威仍然持续及内地旅客减少访港,则不排除2020年度收入预测或出现下跌风险。报告又指,莎莎收入主要来自香港,占2019年度近85%,而当中近71%是来自内地旅客。因此,相对其他本港零售商,若游客访港出现任何改变,该公司将是最受影响。

摩通将莎莎目标价由2.9元下调至2.5元,以反映估值倍数及盈利预测的调整。

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