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《大行报告》摩通上调国美零售(00493.HK)目标价至0.55元 评级「减持」
阿思达克 04-08 11:49
摩根大通发表研究报告指,计及商誉、物业及设备减值等,国美零售(00493.HK)去年度录得亏损约70亿元人民币,符合早前盈警指引,认为公司股价近期上升主要由於创办人黄光裕获释後,高管积极与市场投资者沟通所致,相信正面影响已过度反映,认为公司基本面仍要面对一定挑战。

管理层目标於未来18个月存货单位(SKU)可达到50万,交易总额(GMV)达到2,000亿至3,000亿元人民币。摩通认为,国美对未来发展具有野心,但前景及计划未见明朗,又指公司计划对社区服务及生鲜业务加大投资,将削弱资产负债表及推高融资成本,预期配股集资风险增加。

考虑到业务面对激烈竞争及发展前景未明,摩通重申「减持」评级,估计今年度在低基数下收入将增长22%,但料今明两年续录亏损,目标价由0.5元升至0.55元。

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