美银美林升高鑫零售(6808.HK)评级至“买入”目标价上调至9.5港元
美银美林发表的报告指,将高鑫零售(6808.HK)
评级由“
中性
”升至“
买入
”,认为在上半年业绩发布会上,公司对同店销售及利润均有正面的策略更新,料同店销售或可带动股价走势,主要因为上半年大润发同店销售已持平,而次季更稍为“
转正
”,相信受惠线上订单等,下半年集团同店销售将有低单位数增长。
该行认为,利润率表现势头亦正面,线上B2C业务利润率好过预期,而整合“
欧尚
”后亦见协同效应,加上成本管控严谨以及将在2020年收取线上订单运费。该行指出,今年以来公司股价表现跑输(MSCI中国日常消费品)同业约22%,认为公司有强劲的资产作支撑,加上同店销售改善及阿里巴巴投资者日等,或可成短期的催化剂,将公司2019至2021年每股盈测上调约2至5%,目标价由8.3港元升至9.5港元。
该行指出,大润发每店B2C日均单量已由1月、2月的约400宗水平,升至6月的约700宗,相信可在年底前达到其目标日均1000宗,而阿里巴巴亦已开放“
淘鲜达
”、“
天猫
”及“
饿了么
”等入口予高鑫。上半年公司线上订单占比已由去年的8%增至逾13%,相信今年下半年及2020年有望提升至分别15及20%,该行相信由线下转至线上是正面的方向,因为增长快速的线上订单或可抵销线下销售下降的影响,或属公司同店销售增长的拐点。另外期内销售占比一成半的“
欧尚
”为业绩带来拖累,但经过逾半年的整合后跌幅亦见收窄,同时线上订单亦见提升。
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