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《大行報告》匯豐研究下調高鑫零售(06808.HK)目標價至10元 評級「買入」
阿思達克 01-28 10:59
匯豐研究發表的研究報告指,高鑫零售(06808.HK)自去年6月以來股價已跌46%,主要因為市場擔心社區團購的競爭,而社區團購威脅到其日用品零售商在食物方面的表現,該行認為早前低估了市場對這種模式的憂慮,維持對公司「買入」評級,目標價由13.9元降至10元。

該行指出,阿里(09988.HK)自去年增持後擁有高鑫的控股權,相信有助加快新零售轉型,但來自社區團購的威脅確實存在,假如公司維持在大賣場的市場份額,料2019-22年線下大賣場收入的年複合增長將降至8.3%,較之前預測低3個百分點。

該行將公司2020-22年收入的年複合增長預測削至1.2%,並將2021年EBIT利潤率預測降至4.8%,而2020-22年盈利預測則降2.9%至15.1%。(el/a) ~

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