《大行報告》摩通下調莎莎(00178.HK)目標價至2.5元評級「中性」
摩通發表研究報告指,莎莎(00178.HK)全年經營溢利按年跌近1%,較該行及市場預期好,主因少於預期的批發收入,令毛利率攤薄減少。不過,管理層在分析員會議上披露,今年4月至6月16日香港同店銷售按年跌近15%,大致上因4月份疲弱表現及6月第二個星期發生示威所拖累。
該行重申莎莎評級「中性」,並相信大部分負面因素已反映出來,但若示威仍然持續及內地旅客減少訪港,則不排除2020年度收入預測或出現下跌風險。報告又指,莎莎收入主要來自香港,佔2019年度近85%,而當中近71%是來自內地旅客。因此,相對其他本港零售商,若遊客訪港出現任何改變,該公司將是最受影響。
摩通將莎莎目標價由2.9元下調至2.5元,以反映估值倍數及盈利預測的調整。
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