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《大行报告》大摩升高鑫零售(06808.HK)目标价至9.5元 评级「与大市同步」
阿思达克 02-24 10:19
摩根士丹发表研究报告,指高鑫零售(06808.HK)在发展电商业务上显成效,但线下业务转盈会是提升盈利的关键,目前估值吸引,目标价由8.7元升至9.5元,评级「与大市同步」。 该行指,旗下大润发盈利於去年恶化主因经营去杠杆,抵销了B2C业务增长,目前并未见面向消费者的业务增长。而线下商品和线上B2C业务则於过去两年都见下跌,认为公司有被竞争对手抢去部份市占率。不过,公司的B2B和租金收入是销售和盈利增长的主要动力,同时在天猫的分店亦是另一可以注意的发展。 该行又指,预期今年线下和线上B2C业务有温和增长,但因应人工成本上升,令经营杠杆未能改善。该预期今年经营溢利升9%,大致符合市场预期。 该行表示,上半年预期会因成品通胀高和疫情增加需求而改善同店销售,但盈利会因租金收入而有影响;下半年同店销售增长会减少,而疫情的负面影响亦会减少。
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