You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》美銀證券下調高鑫零售(06808.HK)目標價至7.5元 評級「買入」
美銀證券發表研究報告指,調查銷售渠道後發現,線上競爭加劇、宏觀經濟放緩及8月疫情影響下,普遍內地食品零售行業處於弱勢,現時預期高鑫零售(06808.HK)上半財年同店銷售跌幅將達高單位數,並估計收入將按年跌超過5%。 該行指,由於銷售去槓桿,以及公司加速關閉低效分店將產生一次性成本,預測高鑫零售上半財年稅後淨利將按年跌逾60%,跌幅較3月底止季度的跌幅50%擴大。美銀相應將高鑫2022至2023財年每股盈利預測下調34%及10%,並將目標價削減10%,由8.3元降至7.5元。 報告稱,估值重評需要基本面支持,轉勢亦需時,但已見好轉跡象,即使同店銷售增長疲弱,本年至今同店銷量已大致穩定,扭轉過去數年高單位數跌幅勢頭。8月疫情反彈致銷售特別疲弱,但料7月及9月料大致持平,受惠低基數及企業自救。未來12個月比較基數較低料帶來支持。在監管壓力下,社區團購業務規模收縮,料對食品零售行業壓力亦減少。作為阿里(09988.HK)社區團購業務的核心供應商,料未來6至12個月,其供應鏈業務有潛在上行。即使盈利倒退,高鑫在同業間有最好現金生成能力及資產負債表,在行業下行下有能力擴大市佔。 另美銀亦表示,上半財年市場疲弱已屬預計之內,指出高鑫的股價年初至今跑輸MSCI中國指數約37%,而截至3月底止其淨現金達84億元人民幣,去年9月底止所持物業估值則為389億元人民幣,相當於每股資產價值達6元,意味現股價相當於資產價值折讓40%,零售業務更是「免費」,對高鑫零售重申「買入」評級。
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.
uSMART
Wealth Growth Made Easy
Open Account