Louis Wong Commentary

Author

黃瑋傑先生(Louis Wong)
輝立証券董事

見證過去三十多年香港股市每一個牛市和熊市,可謂實戰經驗豐富。現為香港多份財經報章雜誌專欄作家,並為電視台及電台擔任客席主持。個人著作有〈炒得精叻〉、〈投資先知〉及〈股市是平的〉,並獲『中金在線』選為『2010年最受歡迎的港股分析師』。
Phone:
2277 6666

防逆/疫系列 利亞零售(831)

Thursday, March 19, 2020 Views3370
利亞零售(831)主要在香港,澳門及華南地區經營OK便利店和聖安娜餅屋.便利店貨品以日用品和消耗品為主,受新冠病毒疫情影響較少.從其2019年度業績可以見到,雖然期間經歷香港社會事件,對零售業造成重大影響,消費意欲疲弱,旅遊業急速下滑,但利亞零售採取了適當的抗逆方法,業績仍錄得穩健增長.而且,除了增派末期息外,還宣布派發特別股息.
 
 
於截至2019年12月31日止年度,利亞零售實現營業額56.32億港元,較2018年度增長5.9%.按業務劃分,便利店業務之營業額增加 7.5% 至 45.24億元,可比較同店銷售額增長6.1%.餅屋業務之營業額下降 2.5%至10.92億元,由於節日產品銷量減少所導致.不過,聖安娜在香港零售市場疲弱的情況下仍能實現輕微單位數同店銷售額增長,部分由於個別包餅產品表現強勁,持續錄得穩健之同比銷售增長,而包裝產品因推出多項新產品而錄得雙位數增長.發展中業務之營業額增長36%至1.05億元,由於日本連鎖便捷時尚眼鏡店Zoff 店舖網絡擴充所致.
 
集團純利為2.07億元,增長 13.3%,主要受惠營運效率提升及人民幣貶值使生產成本下降等因素;每股盈利為27.2仙,增長13.2%,現價往績市盈率約12.7倍.董事會決議宣派末期股息每股19仙及特別股息每股21仙,連同中期息每股7仙,全年共派息46仙,增長109%.現價股息率達13.3%.
 
 
受香港社會事件影響,去年下半年經營環境更具挑戰性,但利亞零售下半年度業績反而更勝上半年,其下半年度營業額為29.29億元,較上半年度增長8.4%;股東應佔溢利為1.24億元,較上半年度增長51.2%.於2019年12月31日,集團位於香港的OK便利店總數為336家,較2018年度淨減少1家.於澳門及珠海,分別有33家和14家特許經營OK便利店.餅屋業務方面,截至去年底,集團於香港和澳門及廣州分別共有99家和27家聖安娜餅屋分店.連同位於香港的9家Zoff眼鏡店,旗下店舖總數達518家.
 
踏入2020年,香港社會事件逐漸消退,但新型冠狀病毒傳播接踵而來,嚴重打擊本地經濟.不過,便利店由於貨品以日用品和消耗品為主,受到的影響將較少.集團表示已作出快速應變行動,即時調整市場及產品類別管理推廣,尤其加強控制營運開支及資本支出,以減低疫情對財務方面的不利影響.集團維持穩健財務狀況,於去年12月31日,擁有淨現金 6.43億元,且無銀行借貸.展望未來,集團表示將加強於香港市場的核心業務.同時亦將努力物色具備協同效益的併購機會,並擴充特許經營組合, 吸納富有創意、發展迅速的品牌.建議買入價3.4元,目標3.8元,止蝕位3.2元.  (個人沒有持有上述股票)


本人黃瑋傑為証監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益.

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