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《大行報告》野村升莎莎(00178.HK)評級至「中性」 目標價上調至1.82元
阿思達克 04-16 11:40
野村發表研究報告指,莎莎國際(00178.HK)截至3月底止第四財季銷售按年跌幅,由對上一季的36.4%大幅收窄至3.4%,港澳同店銷售跌幅由對上一季的60.4%收窄至18.8%,主因低基數。隨著恢復通關,澳門開始錄得內地旅客穩定流入,加上本地消費增加,澳門總銷售按年增22.8%,惟較2019財年末季仍跌41.7%,貢獻港澳總銷售12.6%。線上業務亦持續改善,銷售較2019財年末季增57.9%,貢獻集團銷售16.5%。內地銷售亦較2019財年末季增4.9%,惟馬來西亞業務仍受累於疫情。

報告稱,倘香港逐步恢復通關,對莎莎而言已屬重大利好,因為其銷售高度依賴內地旅客,在本港同業之間,香港業務貢獻佔比最大。截至去年9月底止上半財年莎莎港澳業務虧損2.39億元,料整個財年仍虧損。不過,隨著租金及員工成本控制,其每月收支平衡點已下降38%至2.67億元,大幅低於2019財年高位4.31億元,意味訪港旅客即使僅及2020財年水平一半,香港業務已能夠於截至明年3月底止下半財年恢復盈利。

野村形容莎莎最壞時間已經過去,投資評級由「減持」上調至「中性」,目標價由1.08元升至1.82元,上調2021至2023財年銷售預測7.3%至8.1%,反映旅客重臨帶來的潛在貢獻,但對毛利率預測仍持審慎看法。該行在本地零售股中偏好周大福(01929.HK)。

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