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麦格理:下调莎莎(0178.HK)目标价至1.7港元 评级“中性”
格隆汇 09-18 15:11
麦格理发表报告指,莎莎(0178.HK) 在2020年财年首季的港澳同店销售录得15.3%的下跌,受香港社会动荡持续所影响,近月跌幅有扩大现象,其中7月同店销售跌20%,8月更下跌34%,而且由于部分活动继续在多区发生,集团9月至今的数据并未见改善。该行下调对莎莎的股份目标价,由2.3港元降至1.7港元,评级维持“ 中性 ”,2020及2021财年的盈利预测亦分别下调36.7%及36.4%。
麦格理表示,虽然环境充满挑战,但令人鼓舞的是集团高档产品的销售情况更好。不过,该行亦忧虑莎莎为吸引客流而给予较大折扣,或会影响短期毛利率。
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