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里昂:重申江南布衣(3306.HK)“买入”评级 目标价20港元
格隆汇 08-28 14:02
里昂发表研究报告,指江南布衣(3306.HK) 2019财年销售表现符合该行预期,而其盈利表现略为好过预期,主要是由于政府拨款高于预期所致。派息比率维持在75%不变。随着折旧及租赁成本增加,管理层预期2020财年的盈利增长约10%,收入亦有低至中双位数增长。

该行又指,公司2019财年的活跃会员数目及购买总额超过5000元人民币的会员人数增长良好,购买总额超过5000元人民币的会员数目增长更见加快,占全年零售销售约43%。有见会员是公司其中一项核心资产,确保其继续录得可靠的收入增长,是令公司成为必需性消费品的关键。

里昂下调公司2020-21年盈测3%至4%,目标价由原来的21港元略为下调至20港元,重申其“买入”投资评级。

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