《大行報告》富瑞下調莎莎(00178.HK)目標價至2.4元 評級「買入」
富瑞發表報告指,莎莎國際(00178.HK)2023財年下半年純利錄1.91億元,符合早前發盈喜的預測,而截至3月底止,其持有淨現金2.73億元,受惠於其在2023財年下半年盈利能力及庫存管理。
該行指,管理層表示,2024財年首季起至6月11日止,港澳銷售線上線下共錄得31.9%增長,形容該走勢與2022財年第四季類近,並預料此勢頭於本季度加快;即使管理層未有提出2024財年開新店指引,但預料2024財年首三個季度在港澳銷量約50%增長,第四季則面對較大比較基數,並繼續相信隨著時間推進,港澳市場復甦將恢復到2019財年疫情前水平的約70%。
該行指,將公司在2024財年及2025財年銷售預測分別下調11%及10%,而其中香港銷售則各年下調6%,並預料集團最快於2027財年港澳市場復甦才能恢復至2019財年水平約70%。該行將其目標價由2.6元下調至2.4元,維持其評級為「買入」。
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