野村:中港通關仍是莎莎業績的關鍵,維持中性評級
野村發表研究報吿指,莎莎(0178.HK)2021財年收入按年下跌46.8%至30.43億元,低市場預期16%,但下半財年銷售表現有好轉,按年下跌24.4%,對比上半財年按年跌62.1%。該行認為,中港恢復通關仍是至關重要,而參考澳門通關後的消費趨勢來看,相信香港市場將有類似趨勢,惟仍需視乎實際通關時間,維持其“中性”評級,目標價續看1.82港元。
野村表示,由4月1日至6月9日首財季,莎莎港澳市場的同店銷售增長反彈56.3%,惟相較2019財年仍跌68%。儘管21財年澳門及網上業務扭虧為盈,但香港市場前景仍相當依賴通關時間表。公司目前有56間貴租的店舖,其租約不會今、明財年到期,故預期22財年香港將關閉15至20間店舖,而21財年租金比率為19.8%,管理層相信降到13%以下將更有助公司實現盈利。
該行又指,莎莎預期22財年中國新開逾30間店舖,或令盈利能力受壓,故維持對公司22財年整體銷售增長36.1的預測;並相信莎莎短期內毛利率難重返40%的水平,估計22及23財年毛利率分別為37.4%及37.9%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.