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富瑞:維持莎莎(0178.HK)“持有”評級 目標價1.89港元
格隆匯 04-16 13:43

富瑞發表研究報告表示,莎莎(0178.HK)截至今年3月底止第四季度零售銷售按年下跌57%,當中港澳市場零售銷售跌62%,而同店銷售則跌60%,該行認為莎莎銷售趨勢符合該行及市場預期,維持其“持有”評級,目標價1.89港元

報告指,與其他零售商一樣,相對內地市場而言,莎莎香港銷售復升並不明顯,集團將持續執行成本節省,並擴闊其產品類型,以迎合消費者的需求。管理層指去年12月每間鋪每月的固定成本為1億港元,而今年4月時已降至8200萬港元,預計2021年1月將進一步降至8000萬港元,同時物流成本亦會降低。

報告又指,為準備市場復升,集團增加推廣以清理存貨,而對毛利率的影響約為2個百分點,估計存貨水平將會由一年前的14億港元,降至3月底的10億港元,而淨現金約5-6億港元。

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