《大行报告》摩通下调高鑫零售(06808.HK)目标价至10.5元 评级「增持」
摩通发表研究报告指高鑫零售(06808.HK)股价於首季业绩公布後下跌15%(对比期内恒指仅跌3%),主因盈利逊预期,和社区团购策略转变,市场意识到公司今年不会录明显增长。
该行指,市场目前对公司的弱项过份解读和低估潜在上升空间,认为高基数会於6月起减退,监管立场会更倾向於O2O商户,以及公司新策略有助将来更具防守性,同时正现金流与持续的盈利能力,均有助其在激烈的竞争中生存,并有机会整合市场,建议投资者可以留意6月同店销售数字或见复苏。
该行相信,市场已反映所有最差情况,料下行空间有限,维持「增持」评级,目标价由13元降至10.5元。
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