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《大行》富瑞升高鑫零售(06808.HK)目標價至2.24元 評級「持有」
阿思達克 05-28 14:04
富瑞發表報告指,在主要股東變更後(德弘資本於2025年1月1日收購阿里巴巴持有的公司股份),高鑫零售(06808.HK)正按計劃改造其業務,2026財年專注於銷售規模和絕對毛利。鑑於宏觀環境的不確定性,2026財年的重點是保持穩定趨勢,為未來更強勁的增長做準備。 在高鑫零售公布業績後,富瑞將其2026及2027財年淨利潤預測分別下調18%及1%。雖然營運表現有所改善,但根據該行的模型,這被較低的利息收入和較高的有效稅率所抵消。該行將現金流折現模型更新至新的預測年度,目標價由2元上調12%至2.24元。鑑於上行空間有限,維持「持有」評級。
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