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《大行報告》野村下調莎莎(00178.HK)目標價至1.1元 評級「減持」
阿思達克 04-16 10:18
野村發表報告指,莎莎國際(00178.HK)公布2020財年第四季(今年1月至3月)的經營更新。整體銷售按年下跌56.5%,港澳同店銷售則下跌59.6%。香港業務表現疲弱,主因來自中國遊客的交易量大跌80.8%,而港澳以外市場於季內因新型肺炎疫情影響,營業額亦錄得27%下跌。

該行表示,由於香港邊境限制仍然存在,並且採用社交距離措施,集團在4月首兩星期的香港同店銷售約有80%下跌。由於香港銷售高度依賴中國遊客,該行並不預期莎莎的本地銷售表現在2021財年下半年前有明顯改善,預料集團的毛利率將繼續走低(料2021財年按年跌1個百分點),主因其仍積極推廣刺激需求,以降低存貨水平。

野村下調莎莎股份目標價,由1.4元降至1.1元,評級維持「減持」,並下調2021及2022財年的盈利預測分別89%及34%,以反映集團高度依賴中國遊客將令其在近期的復甦有挑戰。

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