《大行報告》摩通下調高鑫零售(06808.HK)目標價至10.5元 評級「增持」
摩通發表研究報告指高鑫零售(06808.HK)股價於首季業績公布後下跌15%(對比期內恆指僅跌3%),主因盈利遜預期,和社區團購策略轉變,市場意識到公司今年不會錄明顯增長。
該行指,市場目前對公司的弱項過份解讀和低估潛在上升空間,認為高基數會於6月起減退,監管立場會更傾向於O2O商戶,以及公司新策略有助將來更具防守性,同時正現金流與持續的盈利能力,均有助其在激烈的競爭中生存,並有機會整合市場,建議投資者可以留意6月同店銷售數字或見復甦。
該行相信,市場已反映所有最差情況,料下行空間有限,維持「增持」評級,目標價由13元降至10.5元。
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