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大行評級丨大和:下調東方甄選評級至“跑輸大市” 削目標價至11港元
格隆匯 07-26 15:33
大和發表研究報吿指,截至今年5月底止第四財季“與輝同行”貢獻的GMV佔約“東方甄選”所有直播頻道總GMV的約一半,預期董宇輝離任將為東方甄選(1797.HK)2025財年帶來14%至18%的收入負面影響,同時估計董氏離任對東方甄選2025財年盈利帶來25%至40%負面影響。雖然相信東方甄選會將通過擴大自有品牌SKU和創造優質內容持續推動增長,但考慮到市場反應並不理想,大和認為公司未來經營仍面臨來自“與輝同行”的競爭和輿論壓力等打擊,相應將2025至2026財年收入預測下調2%至4%,每股盈測大幅下調54%至58%,評級從“持有”下調至“跑輸大市”,目標價從29港元大幅削減至11港元。
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