《大行報告》麥格理下調高鑫零售(06808.HK)目標價至4.8元 評級「跑贏大市」
麥格理發表報告,指高鑫零售(06808.HK)由於市場競爭、營銷和客戶投資增加以及一次性減值損失,中期純利按年下降86%至1.17億元人民幣。該行預計公司將面臨長期的渠道組合問題,而短期弱點已反映於股價,食品通脹和內地政府呼籲消費者囤積日常用品應該有助於業務復甦。
麥格理將高鑫零售2022及2023財年的盈利預測分別降低68%和36%,以反映同店銷售走疲,以及較低的銷售規模和較高的營業費用。由於估值基礎由企業價值對EBITDA倍數改為市盈率,目標價由13元下調至4.8元,評級「跑贏大市」。
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