《大行报告》瑞银下调高鑫零售(06808.HK)目标价至6.18元 评级「中性」
瑞银发表报告表示,来自其他互联网公司补贴的竞争为高鑫零售(06808.HK)等传统大卖场带来了巨大压力,令高鑫今年3至4月份同店销售按年录双位数跌幅。由於线上及数码化对传统大卖场的转型至关重要,高鑫已预算了补贴和额外费用以保障其市场份额。
管理层表示,高鑫将成为阿里巴巴(09988.HK)MMC事业群(专注於社区团购)的重要供应链合作夥伴,有潜力贡献高鑫总收入约15%,在轻资产模式下,利润率较,低但股本回报(ROE)可观。
该行补充,高鑫现价相当於2022年度预测企业价值倍数为8倍,低於历史水平,相信是反映公司短期盈利受压的因素。该行维持其「中性」评级,目标价由9.07元降至6.18元。
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