野村:下調莎莎(0178.HK)目標價至1.1港元 評級“減持”
野村發表研究報告表示,疫情持續出入境管制及保持社交距離等措施持續,香港零售嚴重依賴中國旅客,料短期內莎莎國際(0178.HK)本地銷售情況不會有明確復升,有關情況最低限度將維持至2021財年下半年度,下調其目標價21.4%,由1.4港元降至1.1港元,維持“減持”投資評級。
野村預計2021財年莎莎同店銷售錄負增長20%,料毛利率按年下降1個百分點。隨着政府向受影響企業提供補助,莎莎管理層預期,未來六個月將能節省約18%的店鋪固定成本,亦將收緊整體成本結構,下調2021及2022財年的盈利預測分別為89%及34%。

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