《大行报告》瑞信下调高鑫零售(06808.HK)目标价至5.6元 评级「跑输大市」
瑞信发表研究报告指,高鑫零售(06808.HK)2020年收入及净利润分别较市场预期低3%及9%。受社区团购的激烈竞争所拖累,下半年收入及净利润更跌5.5%及24.2%。虽然线上业务保持强劲增长,但不足以抵消客流量下跌而倒退的实体店业务。
该行表示,公司将在2021年积极扩展小型超市及社区团购等创新业务,但相信举动将导致短期内有利润稀释的代价,加止密集项目投资有很高的执行风险,在电商竞争及公司产品定价劣势下,预期利润贡献不大。
瑞信将2021至2022年收入预测提高2.7%及7%,以反映新业务的销售贡献,但考虑到产品组合、渠道组合转变及用户获取方面的投资带来利润压力,将2021至2022年盈利预测下调13.2%及6.6%,重申「跑输大市」评级,目标价由6元下调至5.6元。
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