《大行報告》瑞銀下調高鑫零售(06808.HK)評級至「中性」 競爭加劇令盈利受壓
瑞銀發表報告表示,下調高鑫零售(06808.HK)投資評級,由原來「買入」降至「中性」,將目標價由15.62元大幅降至9.07元,此按現金流折現率作估值,相當於預測明年企業價值對EBITDA的9倍,此符合歷史平均估值。
該行指,自內地第二季起消費行為正改變,轉以社區為本的「新零售」模式,令線下交易減幅超過預期,競爭加劇致盈利受壓,關注高鑫零售未來盈利能力的趨勢,並決定將其剔出該行的亞太區焦點股份名單。
瑞銀估計,高鑫零售今年下半年同店銷售會轉為錄下跌11%至13%(low-teens)(對比今年上半年按年增長5.7%),指該股自公布中期業績後股價已跑輸國指17%,現估值相當於預測明年企業價值對EBITDA的9倍,料潛在遭下調盈測因素已反映在股價之上。
該行表示,下調對高鑫零售2020年至2022年每股盈利預測各9%、34%及40%,基於租務收入及線上的盈利能力預測下調。
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