富瑞:維持高鑫零售(6808.HK)買入”評級 目標價11港元
富瑞發佈報告稱,維持高鑫零售(06808.HK)買入”評級,目標價11港元。公司的O2O計劃將繼續取得成果,預計線上業務將分別佔2020及2021年度的21%及26%,較今年的16%分別上升5及10個百分點,隨着公司今年下半年關閉正虧損的歐尚門店,其線下業務將會變得穩定,預計公司的税前利潤在未來兩年將分別有約11.6%及2%的改善。
該行預計,今年公司淨利潤將同比上升10%至28億元,銷售額則同比跌5%,主要受歐尚門店的虧損影響,同店銷售將表現持平。該行還稱,受惠於11月份的好表現,第四季同店銷售增長或可改善到中單位數。該行又預計,明年公司的銷售額將上升7%至1010億元,而除税及利息前盈利(EBIT)則預計上升8%至49億元。

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