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高盛下调周大福(1929.HK)、六福(0590.HK)及莎莎(0178.HK)目标价
格隆汇 08-20 16:27

高盛发表报告表示,基于目前疲弱的零售市道及同店销售表现,该行对香港零售股进行了压力测试後,下调周大福(01929.HK)、六福(00590.HK)及莎莎(00178.HK)2020至2022财年盈利预测3至9%、1%至7%以及13%至32%。该压力测试是假设了三个情境,包括示威活动持续三个月、六个月以及一年等,且与2014至2016年零售寒冬作比较。

该行认为,于覆盖的零售股中,莎莎是最弱势,主因香港业务盈利贡献占截至2019年3月底止年度的109%,其他市场更录经营亏损;面对着来自本地药房等更大市场激争而令市占率下跌;公司推出更进取的减价力度带动人流,会令毛利率受损。相对而言,近年周大福及六福之内地业务比重已逐步提升,惟面对金价持续上升而令销售疲弱。

该行将莎莎目标价由2.3港元降至1.8港元,减幅达22%,维持“中性”评级;亦将周大福目标价由7.9港元下调至7.1港元,维持“中性”评级;六福目标价则由30港元降至26.6港元,维持“买入”评级。

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