高盛:下調莎莎(0178.HK)銷售預期 降目標價至1.54港元
高盛發佈研究報告,將莎莎(0178.HK)目標價降0.6%至1.54港元,維持“中性”評級。
莎莎(0178.HK)昨日公佈中期虧損3650萬港元,去年同期則出現溢利2.03億港元,不派息。 集團透露最新的同店銷售增長趨勢顯示,2019年10月1日至11月18日港澳地區同店銷售下降39.1%,相比9月下降38.5%進一步放緩;其中香港市場同店銷售暴跌50%以上,澳門的增長則為15%。內地同店銷售方面,受惠於關閉表現不佳的商店,實現增長13%。
高盛認為,莎莎港澳地區本季度迄今的同店銷售增長趨勢弱於上季度,11月比10月差,但由於基數低的效應,預計第4季同店銷售將繼續收窄。高盛下調2020、2021及2022年銷售預期7-9%,以反映香港激進的門店關閉策略以及香港零售市場的持續疲軟。
莎莎管理層認為,隨着租賃到期,2021財年底香港地區或會關閉約30家店的空間,主要是在旅遊區。管理層預計,僅關閉門店就節省25%的租金,包括其餘店鋪的續租租金,則可節省35-40%。另外,莎莎正在採取積極措施來管理員工成本,包括從9月起強制高級後勤人員每月休2-4天無薪假。

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