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《大行報告》匯豐研究降彩生活(01778.HK)評級至「減持」 目標價下調至2.5元
阿思達克 04-01 14:40
匯豐研究發表報告,指出彩生活(01778.HK)業務進入停滯期,增值服務由於費用降低而實際下降,認為該公司短期內難扭轉劣勢,將評級由「持有」降至「減持」,料估值向下重評將持續。

報告指,彩生活去年業績表現未如理想,全年核心盈利增長3%至4.99億元人民幣,分別低該行及市場預期3%及5%。匯豐研究指,與行業趨勢相反,該公司收入增長前景受壓,其中公司降低對線上服務商收取費用,影響增值服務表現,撇除會計準則影響增值服務收入按年跌11%。

該行指,期內公司降低槓桿,算是業績唯一亮點,去年總借貸減少37%,淨負債比率亦從2018年底的30.5%減至2019年底的14.6%,但同時亦導致可分派予股東的資金也減少,拖低去年度派息比率降至25%,對比2018年為41%。

匯豐研究預期,缺乏規模強大的母企作後盾,彩生活短期內扭轉劣勢可能性很低,因此將目標價由5.1元大削至2.5元。

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