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國泰君安:維持高鑫零售(6808.HK)“收集” 評級 升目標價至10.76港元
格隆匯 12-31 15:44

國泰君安發報告稱,高鑫零售(6808.HK)今年下半年同店增長回升,公司總體同店銷售在今年第三季同比倒退1%,較上半年下跌1.8%有所收窄,該行將高鑫零售目標價由9.2港元上調至10.76港元,維持“收集”評級。

該行預計,2020年線上和線下業務盈利均將提升。淘鮮達業務在今年第二季開始盈利,預計在今年全年該業務在包含引流費用後仍能盈利。管理層表示每日單量和平均客單價在明年會有進一步的提升並能貢獻更多利潤。另外,歐尚門店的經營在與大潤發門店整合後,從2019年第三季開始改善,預計2020年歐尚門店將會錄得同店正增長並扭虧為盈。

該行還稱,注意到公司與阿里巴巴(9988.HK)的合作開始取得成果,並看好公司具有盈利能力的線上業務。主要風險包括來自線上生鮮運營商的激烈競爭、以及公司維持B2C業務盈利的能力。

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