《大行報告》花旗上調高鑫零售(06808.HK)目標價至3.15元 評級「買入」
花旗發表研究報告指,高鑫零售(06808.HK)經歷了動盪的行業變化帶來的陣痛和實質性影響,包括社區團購(CGB)平台的上升及下跌週期、與疫情相關的管控及放寬週期等。與其他零售業態相比,食品零售的利潤率相對較低,意味著集團的利潤率和盈利波幅應該比其他內地上市零售商更大。
鑑於中國重新開放後食品零售業格局整合及明朗化,銷售前景趨穩定,該行預計集團的盈利將在2024至25財年恢復復甦軌跡,最差的時候已在2023財年過去,維持「買入」評級,目標價由3.06元上調至3.15元。該行將集團2024及25財年的核心淨利潤預測分別下調48%和27%,同時將銷售預測下調11%及13%。
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