《大行報告》麥格理下調國美零售(00493.HK)目標價至0.18元 評級「跑輸大市」
麥格理發表的研究報告指,國美零售(00493.HK)去年收入441億元人民幣(下同),按年跌25.83%,較該行預測低21.1%,期內虧損擴大至70億元,差過該行預期。管理層在分析員會議上表示,目標在18個月內重拾光輝,該行欣賞其進取目標,但認為公司價值轉差令人憂慮,認為盈利轉向可見性非常低。
該行指出公司線上月活躍用戶增長較快主要因為基數低,國美正開發其自家應用程式,並將線下流量轉向線上平台,今年首季公司應用程式錄4,000萬月活躍用戶,商品交易額則按年升400%。該行認為雖然管理層指引2021年供應鏈平台盈利將為8億元,該行估計國美2021年虧損有望收窄,主要受惠經營開支及融資成本負擔減輕。截至去年底公司有233億元短債,高於其在手現金水平,而短期流動性問題或令公司融資成本進一步受壓。
該行指出管理層目標在18個月內增加分店數目至約6,000家,並期望商品交易額可達2,000億元,同時將擴張產品數量。該行將公司目標價由0.28港元降至0.18港元,下調其盈利預測以反映毛利率較低的影響,評級「跑輸大市」。
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