You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
野村:重申莎莎國際(0178.HK)目標價1.08港元 評級“減持”
格隆匯 11-20 16:47

野村發表研究報告指,莎莎國際(0178.HK)上半年業績受新型肺炎影響但表現令人鼓舞,來自持續經營業務的營業額按年下跌62.1%至12.86億港元。儘管集團努力節省成本,並獲得政府的補貼,但仍錄得2.86億港元的經營虧損。該行重申集團目標價1.08港元,以及“減持”評級。

野村表示,香港業務見改善,但仍處於較低水平。港澳地區的同店銷售上半年下跌66.9%,第三季至今已改善至下跌44.3%。隨着內地多個城市重新開放關口,澳門市場已出現明顯復甦,第三季銷售按季增長95.6%,而香港的改善則僅受惠於低基數效應。由於預期香港的邊境短期內都不會重新開放,因此銷售前景仍然受壓。

該行又預期,集團下半年的毛利率將恢復至37%左右的水平,但由於市民仍然需佩帶口罩,認為高端護膚品和彩粧產品的需求仍存在壓力,導致集團毛利率在短期內都難以恢復至高於40%的歷史水平。

此外,該行指出,訪港旅客無回升跡象,而集團對內地遊客有極高依賴。儘管集團計劃加快在內地市場的擴張速度,但當地競爭仍十分激烈,認為目前對集團在內地的戰略感樂觀仍然言之過早。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account