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大行評級|花旗:下調中國中免目標價至78港元 免税品銷售復甦速度較預期緩慢
花旗發表研究報吿指,中國中免上半年業績符合其早前發出的預吿,淨利潤按年下跌15%,收入降13%。集團次季收入按年下跌17%,淨利潤降38%,淨利潤率跌至7.8%。該行指出,消費意欲疲弱及出境旅遊的客流量攤薄一直對海南的銷售趨勢構成壓力,導致海南業務的營運槓桿下降。隨着出境旅遊加速復甦,機場免税店業務回升,抵銷了部分虧損。鑑於海南免税品銷售復甦速度較預期緩慢,該行下調中免盈利預測,並將目標價由87港元下調至78港元,維持“買入”評級。
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