《大行報告》瑞信下調滔搏(06110.HK)目標價至5元 下調盈測反映疫情不確定
瑞信發表研究報告指,滔搏(06110.HK)8月底止上半財年收入按年跌15%,符合市場預期,期內淨利潤按年跌20%,好過市場本已審慎的預期約19%。
該行指,滔搏期內對線下網絡調整變得更加謹慎,上半財年共關閉767間門店,其中第二財季總銷售面積按年減少1%;線上銷售方面則錄得顯著增長,預期集團將繼續維持側重於大面積門店的策略。
瑞信指出,9月以來疫情再度爆發,帶來不確定性,估計截至11月底止第三財季零售銷售額按年跌幅將擴大至約10%,同時預期雙11促銷活動將對利潤率造成壓力,將2023至2024財年每股盈利預測降低21%至24%,目標價由7.3元下調至5元。考慮到疫期期間缺乏催化劑及業務前景可見度較低,瑞信維持「中性」評級。(gc/u)
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