《大行報告》瑞銀升高鑫零售(06808.HK)評級至「買入」看5元 列入亞太精選名單
瑞銀發表報告上調高鑫零售(06808.HK)評級,由「中性」升至「買入」,目標價由2元大幅上調至5元,並列入該行亞太區精選股名單。該行稱,高鑫是消費者行為改變的潛在受惠者,上調其2024至2026財年各年每股盈測介乎23%至47%,反映線下客流增長帶來拐點,加上產品組合改善及經營槓桿,帶來盈利能力復甦。
該行料其高鑫零售2023年同店銷售增長轉勢,2024財年起將轉正,扭轉自2020年下半年起的跌勢。該行對重新開放趨勢的分析,以至會員店及私人標籤(PL)帶來的新機遇,令該行對其客流增長轉勢更有信心。即使公司股價自去年11月起反彈142%,但現股價較2019年均值或2020年10月獲阿里-SW(09988.HK)收購時仍大幅低出分別58%及63%,現估值相當於預測2024及2025財年市銷率分別0.3倍及0.3倍,低於本地食品零售同業分別0.7倍及0.6倍。
該行料高鑫零售毛利率將逐漸改善,配合線下經營槓桿及數碼基建,以節省勞工成本,將支持管理層提高2026財年淨利潤率至介乎1.5%-2%的目標(原本1%)。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.