You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》麦格理下调国美零售(00493.HK)目标价至0.18元 评级「跑输大市」
阿思达克 04-09 10:36
麦格理发表的研究报告指,国美零售(00493.HK)去年收入441亿元人民币(下同),按年跌25.83%,较该行预测低21.1%,期内亏损扩大至70亿元,差过该行预期。管理层在分析员会议上表示,目标在18个月内重拾光辉,该行欣赏其进取目标,但认为公司价值转差令人忧虑,认为盈利转向可见性非常低。

该行指出公司线上月活跃用户增长较快主要因为基数低,国美正开发其自家应用程式,并将线下流量转向线上平台,今年首季公司应用程式录4,000万月活跃用户,商品交易额则按年升400%。该行认为虽然管理层指引2021年供应链平台盈利将为8亿元,该行估计国美2021年亏损有望收窄,主要受惠经营开支及融资成本负担减轻。截至去年底公司有233亿元短债,高於其在手现金水平,而短期流动性问题或令公司融资成本进一步受压。

该行指出管理层目标在18个月内增加分店数目至约6,000家,并期望商品交易额可达2,000亿元,同时将扩张产品数量。该行将公司目标价由0.28港元降至0.18港元,下调其盈利预测以反映毛利率较低的影响,评级「跑输大市」。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account