《大行報告》瑞銀下調高鑫零售(06808.HK)目標價至6.18元 評級「中性」
瑞銀發表報告表示,來自其他互聯網公司補貼的競爭為高鑫零售(06808.HK)等傳統大賣場帶來了巨大壓力,令高鑫今年3至4月份同店銷售按年錄雙位數跌幅。由於線上及數碼化對傳統大賣場的轉型至關重要,高鑫已預算了補貼和額外費用以保障其市場份額。
管理層表示,高鑫將成為阿里巴巴(09988.HK)MMC事業群(專注於社區團購)的重要供應鏈合作夥伴,有潛力貢獻高鑫總收入約15%,在輕資產模式下,利潤率較,低但股本回報(ROE)可觀。
該行補充,高鑫現價相當於2022年度預測企業價值倍數為8倍,低於歷史水平,相信是反映公司短期盈利受壓的因素。該行維持其「中性」評級,目標價由9.07元降至6.18元。
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