花旗:下调莎莎(0178.HK)目标价至1.51港元 评级“沽售”
花旗发表报告表示,由于香港示威活动持续,预期莎莎(00178.HK)8月港澳地区同店销售将录得超过30%跌幅,7月跌幅约20%。该行又指受去库存压力影响,料公司毛利率将受压。
该行指,若销售及毛利率下跌持续,料公司需要整体租金下调20%才可达致收支平衡,因为其他经营开支节省空间有限。

花旗表示,下调莎莎2020财年至2022财年纯利预测53%、31%及26%,以反映预期其2020财年同店销售下跌幅度扩大(由-9%下调至-17%)及毛利率收缩加剧(由下跌1个百分点下调至下跌2个百分点)的影响。此外,由于缺乏能见度,维持预期2021年至2022年同店销售及毛利率持平的预测。
该行又指,莎莎派息前景不明朗,维持“沽售”评级,目标架由1.72港元降至1.51港元。
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