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大行評級丨傑富瑞:高鑫零售近兩個月同店銷售令人鼓舞,升目標價至1.78港元
格隆匯 05-23 14:36
傑富瑞發表研究報吿指,高鑫零售(6808.HK)的同店銷售由年初至今均呈現正增長,近兩個月趨勢令人鼓舞,新任行政總裁將進一步實施其策略,但該行認為現時斷定同店銷售正成長趨勢是否可持續還言之向早。該行引述,高鑫零售管理層對2025財年的淨利潤及同店銷售增長維持正面。該行認為,上述策略將可推動同店銷售及絕對毛利率出現增長,且推高線下流量會是關鍵,並可透過提供每日低價來實現。傑富瑞亦表示,鑑於高鑫零售2024財年疲弱的業績表現推遲了復甦步伐。因而將其2025及2026財年的淨利潤預測,分別下調31%及13%。另外,該行留意到高鑫零售股份的交易價格比賬面價值低21%,因為市場擔心若公司業務無法恢復,將持續出現減損及損失。綜合上述因素,該行將高鑫零售目標價由1.7港元上調至1.78港元,維持持有評級。
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