《大行報告》花旗升高鑫零售(06808.HK)目標價至13.5元 評級「買入」
花旗發表的研究報告指,新型冠狀病毒爆發將帶動快速消費品消費由線下轉向線上,料客戶習慣結構性轉變將有利高鑫零售(06808.HK),更重要的是公司有完善的O2O基建,較佳的營運效率及成本架構,靠著全渠道策略及基建有助公司從線下競爭對手中獲取市場份額。
該行相信疫情爆發對其轉租收入的影響僅屬一次性,而管理層對2020年仍充滿信心,目標是今年同店銷售增長、毛利率擴張、銷售及經營溢利增長等,該行估計股份有望獲結構性重估,認為其全渠道零售模式可帶動盈利持續強勁增長。
該行指出去年第四季大潤發同店銷售增長改善至3.6%,而2020年以來其同店銷售增長進一步改善至4.8%,而歐尚超市的增速更較大潤發為快,令人驚訝的是疫情爆發後同店銷售與爆發前大致類似,線下店受負面影響但線上銷售則錄快速增長。管理層稱疫情爆發後線上訂單額按年增長3.5-4倍,並估計今年次季至年末其線下店銷售將復甦,以彌補線上訂單增長回復正常水平的影響,並期望今年天貓店銷售可達20-30億元人民幣,而線上銷售貢獻將達20%以上。
該行將其2020年淨利預測下調3%,但就將明年淨利預測上調5%以反映新零售盈利能力好過預期,目標價由11.95元升至13.5元,評級「買入」。(el/u) ~
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