《大行报告》大摩下调高鑫零售(06808.HK)目标价至8.7元 评级「与大市同步」
摩根士丹利发表研究报告指,高鑫零售(06808.HK)去年第四季同店销售跌幅收窄,加上过去几个月来股价表现疲弱,可能会使股价逐渐谷底反弹,但是考虑到上半年高基数效应以及持续竞争压力,目前仍抱观望态度。
报告指,高鑫零售2019年下半年同店销售表现有所改善,主要是由於公司努力建立线上销售业务取得成果,同时当年行业竞争相对温和,令高鑫旗下大润发自2019年第二季起开始录得同店销售增长,趋势一直持续到2020年5月。
该行指出,现时社区团购的竞争更为激烈,如果持续下去,公司部分大力投入可能会被部分抵销,并且其同店销售增长或收入或不见吸引。大摩续指出,高鑫零售是一家长期投资的公司,一直在追求可持续的增长和盈利能力,但当增长成为市场上唯一的投资亮点时,可能较不受投资者追捧,加上较高的基数,预期今年首季同店销售将面临压力。
大摩下调高鑫零售今明两年盈测,目标价由10.3元降至8.7元,估计2021年的盈利将下降11%,2022年盈利则料增长9%,估计长期销售有增长空间,予「与大市同步」评级。
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