《大行报告》瑞银下调高鑫零售(06808.HK)评级至「中性」 竞争加剧令盈利受压
瑞银发表报告表示,下调高鑫零售(06808.HK)投资评级,由原来「买入」降至「中性」,将目标价由15.62元大幅降至9.07元,此按现金流折现率作估值,相当於预测明年企业价值对EBITDA的9倍,此符合历史平均估值。
该行指,自内地第二季起消费行为正改变,转以社区为本的「新零售」模式,令线下交易减幅超过预期,竞争加剧致盈利受压,关注高鑫零售未来盈利能力的趋势,并决定将其剔出该行的亚太区焦点股份名单。
瑞银估计,高鑫零售今年下半年同店销售会转为录下跌11%至13%(low-teens)(对比今年上半年按年增长5.7%),指该股自公布中期业绩後股价已跑输国指17%,现估值相当於预测明年企业价值对EBITDA的9倍,料潜在遭下调盈测因素已反映在股价之上。
该行表示,下调对高鑫零售2020年至2022年每股盈利预测各9%、34%及40%,基於租务收入及线上的盈利能力预测下调。
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