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野村:下調莎莎(0178.HK)目標價至1.5港元 評級“減持”
格隆匯 10-16 14:05

野村發表研究報告指出,莎莎國際(0178.HK)第二財季表現疲弱在預期之內,估計毛利率壓力會進一步加劇,因此決定將其目標價下調28.6%,由2.1港元降至1.5港元,評級仍為“減持”。

報告説,莎莎國際港澳地區同店銷售跌幅由首財季的15.3%擴大至第二財季的28.5%,而香港同店銷售更大跌36.8%,遠差於澳門增長5.2%的表現,主要因為訪港旅客減少。莎莎管理層指,黃金週由內地來港旅客帶來的交易按年大減76.9%。野村已將莎莎2020年度港澳同店銷售增長預測由原來下跌8%,調低至下跌21%。

*全年毛利率料收窄2個百分點*

莎莎第二季的毛利率按年減少3個百分點,主要因為清貨減價和高利潤率產品滯銷,野村已將莎莎全年毛利率預測由收縮1個百分點調低至縮減2個百分點。

雖然管理層表示,個別業主願意短期減租,但野村相信有關影響輕微,因為減租僅自9月開始,當月只能節省租金開支約50萬港元,而公司在全港每月租金開支約6000萬港元。

報告指,雖然莎莎維持不少於70%的派息政策,但野村估計,純利大跌將影響其股息率。該行已將莎莎2020/2021年度的盈利預測分別調低55%/31%,以反映較低的銷售額及毛利率。

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