汇证上调高鑫零售(6808.HK)目标价至10.1港元维持“买入”评级
汇丰证券发表研究报告指出,高鑫零售(6808.HK)中期业绩胜该行及市场普遍预期,相信该公司已进入营运杠杆正面周期,未来将有更多发展机会,上调目标价6.3%至10.1港元,维持“买入”评级。
高鑫零售上半年经新会计准则调整后的纯利上升5%,撇除新会计准则影响则缺乏增长,但仍比汇证估计下跌5%为佳,警喜主要来自严控成本,即使计及新零项目的投资后,该公司的成本按年未见增加,有助抵销其他收入按年下跌21%之负面影响,使其营业利润得以上升3%。
汇证认为,由于O2O业务盈利能力佳,加上线下跌幅收窄,估计高鑫零售2019-2021年度线下同店销售分别下跌9%/7%/5%,而下次股份获重估的动力将来自收入增长。
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