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《大行报告》野村升莎莎(00178.HK)评级至「中性」 目标价上调至1.82元
阿思达克 04-16 11:40
野村发表研究报告指,莎莎国际(00178.HK)截至3月底止第四财季销售按年跌幅,由对上一季的36.4%大幅收窄至3.4%,港澳同店销售跌幅由对上一季的60.4%收窄至18.8%,主因低基数。随着恢复通关,澳门开始录得内地旅客稳定流入,加上本地消费增加,澳门总销售按年增22.8%,惟较2019财年末季仍跌41.7%,贡献港澳总销售12.6%。线上业务亦持续改善,销售较2019财年末季增57.9%,贡献集团销售16.5%。内地销售亦较2019财年末季增4.9%,惟马来西亚业务仍受累於疫情。

报告称,倘香港逐步恢复通关,对莎莎而言已属重大利好,因为其销售高度依赖内地旅客,在本港同业之间,香港业务贡献占比最大。截至去年9月底止上半财年莎莎港澳业务亏损2.39亿元,料整个财年仍亏损。不过,随着租金及员工成本控制,其每月收支平衡点已下降38%至2.67亿元,大幅低於2019财年高位4.31亿元,意味访港旅客即使仅及2020财年水平一半,香港业务已能够於截至明年3月底止下半财年恢复盈利。

野村形容莎莎最坏时间已经过去,投资评级由「减持」上调至「中性」,目标价由1.08元升至1.82元,上调2021至2023财年销售预测7.3%至8.1%,反映旅客重临带来的潜在贡献,但对毛利率预测仍持审慎看法。该行在本地零售股中偏好周大福(01929.HK)。

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