《大行报告》汇丰研究降彩生活(01778.HK)评级至「减持」 目标价下调至2.5元
汇丰研究发表报告,指出彩生活(01778.HK)业务进入停滞期,增值服务由於费用降低而实际下降,认为该公司短期内难扭转劣势,将评级由「持有」降至「减持」,料估值向下重评将持续。
报告指,彩生活去年业绩表现未如理想,全年核心盈利增长3%至4.99亿元人民币,分别低该行及市场预期3%及5%。汇丰研究指,与行业趋势相反,该公司收入增长前景受压,其中公司降低对线上服务商收取费用,影响增值服务表现,撇除会计准则影响增值服务收入按年跌11%。
该行指,期内公司降低杠杆,算是业绩唯一亮点,去年总借贷减少37%,净负债比率亦从2018年底的30.5%减至2019年底的14.6%,但同时亦导致可分派予股东的资金也减少,拖低去年度派息比率降至25%,对比2018年为41%。
汇丰研究预期,缺乏规模强大的母企作後盾,彩生活短期内扭转劣势可能性很低,因此将目标价由5.1元大削至2.5元。
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