富瑞:中國中免次季純利遠低於預期 評級“持有”
富瑞發表報吿指,中國中免次季收入及純利分別錄120億元人民幣及9.82億元人民幣,按年跌17%及37%,並較該行預測分別低34%及37%。報吿引述管理層確認機場免税店業務呈復甦,上半年整體銷售按年升超過一倍,北京機場及上海機場免税店業務按年分別升逾兩倍及約一倍,但該行指這不足以抵銷海南免税店銷售的持續倒退。回顧今年4至5月,集團海南免税店銷售按年跌42%。該行稱,近期中國中免股價上升,或受惠於市場預期內地潛在消費税改革或有利其免税店業務,認為在三中全會過後應會有進一步消息。報吿指,免税品及已課税產品價差擴大,料有利免税店業務,但該行補充,整體零售需求疲弱主要歸咎於消費者情緒疲弱。該行維持對其H股“持有”評級,目標價88港元,等待8月底正式中期業績公佈後管理層就下半年展望等作進一步闡釋。
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.