《大行報告》大摩下調高鑫零售(06808.HK)目標價至8.7元 評級「與大市同步」
摩根士丹利發表研究報告指,高鑫零售(06808.HK)去年第四季同店銷售跌幅收窄,加上過去幾個月來股價表現疲弱,可能會使股價逐漸谷底反彈,但是考慮到上半年高基數效應以及持續競爭壓力,目前仍抱觀望態度。
報告指,高鑫零售2019年下半年同店銷售表現有所改善,主要是由於公司努力建立線上銷售業務取得成果,同時當年行業競爭相對溫和,令高鑫旗下大潤發自2019年第二季起開始錄得同店銷售增長,趨勢一直持續到2020年5月。
該行指出,現時社區團購的競爭更為激烈,如果持續下去,公司部分大力投入可能會被部分抵銷,並且其同店銷售增長或收入或不見吸引。大摩續指出,高鑫零售是一家長期投資的公司,一直在追求可持續的增長和盈利能力,但當增長成為市場上唯一的投資亮點時,可能較不受投資者追捧,加上較高的基數,預期今年首季同店銷售將面臨壓力。
大摩下調高鑫零售今明兩年盈測,目標價由10.3元降至8.7元,估計2021年的盈利將下降11%,2022年盈利則料增長9%,估計長期銷售有增長空間,予「與大市同步」評級。
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