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《大行報告》麥格理:高鑫(06808.HK)明年邁向增長模式 予「跑贏大市」評級看18.5元
阿思達克 10-20 13:31
麥格理發表研究報告,就控權股易手一事,維持予高鑫零售(06808.HK)「跑贏大市」評級,目標價18.5元。該行認為,市場過度解讀線上雜貨競爭,亦低估了高鑫在這領域的獨特優勢。該行認為,高鑫是市場上唯一成功及有盈利能力的模式。

交易後,該行認為,高鑫將進一步受惠於阿里線上生態系統及獲得更多線上客流。據QuestMobile數據,大潤發生鮮每周活躍客戶由6月約80萬,持續改善至現在約110萬。同時,該行料阿里及高鑫將利用對方線上及線下優勢,孵化更多線上雜貨銷售,包括透過共用貨倉,提供天貓一小時/半日遞送服務,以及利用菜鳥自提站推動社區團購服務。

該行另稱,高鑫零售明年邁向增長模式。在今件下半年目標開設11家大賣場、2至3間超市、4間盒馬鮮生店、及30至50間迷你店「小潤發」;明年加快至增開30至50間超市,及200家小潤發。該行對此擴充看法正面,指小型店屬可行模式。

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