《大行報告》瑞信下調高鑫零售(06808.HK)目標價至5.6元 評級「跑輸大市」
瑞信發表研究報告指,高鑫零售(06808.HK)2020年收入及淨利潤分別較市場預期低3%及9%。受社區團購的激烈競爭所拖累,下半年收入及淨利潤更跌5.5%及24.2%。雖然線上業務保持強勁增長,但不足以抵消客流量下跌而倒退的實體店業務。
該行表示,公司將在2021年積極擴展小型超市及社區團購等創新業務,但相信舉動將導致短期內有利潤稀釋的代價,加止密集項目投資有很高的執行風險,在電商競爭及公司產品定價劣勢下,預期利潤貢獻不大。
瑞信將2021至2022年收入預測提高2.7%及7%,以反映新業務的銷售貢獻,但考慮到產品組合、渠道組合轉變及用戶獲取方面的投資帶來利潤壓力,將2021至2022年盈利預測下調13.2%及6.6%,重申「跑輸大市」評級,目標價由6元下調至5.6元。
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