Market Brief

The articles are produced in Chinese only.

Author

伍洛桓先生(Gary Ng)
經理

畢業於美國加州大學聖地牙哥分校。對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533000

高鑫零售有限公司 (6808.HK)

Wednesday, March 18, 2020 Views4750

主要以「歐尚」及「大潤發」品牌於內地經營大賣場業務,以提供各種零售商品。

 

基本資料 :

 

現價 : $9.80

市值 : $935億

市盈率 : 29.4

市賬率 : 3.50

周息率 : 1.53%

52週高/低 : $11.2 / $6.35

10天/50天/250天平均價 : $10.5/ $10.04 / $8.27

 

主要股東 :

吉鑫控股有限公司 51.00%

阿里巴巴集團 26.02%

 

評論:

高鑫零售為一間領先零售商,在中國從事大賣場及快速增長的電子商務業務。截至2019年12月,集團於中國合共有486間賣場。高鑫零售透過兩個知名品牌-「歐尚」及「大潤發」經營其大賣場及商場業務。自2017年中國互聯網零售巨頭阿里巴巴集團透過淘寶中國控股有限公司(「淘寶中國」)收購集團合共約26.02%之權益後,集團與阿里巴巴一直緊密合作,打破了實體店原有的瓶頸,積極發展O2O業務,在中國食品零售領域尋求新機遇。集團結合了阿里巴巴集團的大數據技術完成實體店的數字化轉型,從而整合會員系統、存貨及支付,並透過阿里的淘寶移動應用程式為門店帶來訂單及業績,實現線上及線下的整合,向新零售時代邁進。與阿里巴巴集團的強強聯手,對集團的長期發展來說具有極大幫助。

 

集團公佈了2019年年度收入為人民幣953.57億元,同比下跌4.0%。其中來自銷售貨品的收入為人民幣912.79億元,較去年減少人民幣42.72億元,跌幅為4.5%。來自租戶的租金收入為人民幣40.78億元,同比增長7.1%。增幅主要由於來自新店的可出租面積增加及因租戶組合管理改善帶動來自現有門店的來自租戶的收入增加所致。經營溢利為人民幣43.65億元,同比上升4.0%。

 

集團預期2020年將會是其線上業務的收穫年,集團的實體門店從以往的傳統大賣場轉變成「店倉合一」的模式,從而滿足不同銷售渠道的需求,不但提高了供應鏈效率,也實現了銷售渠道的多樣化。但近期因COVID-19病毒的傳播給集團經營環境造成比較大的影響,其中由於配合政府採取各種預防措施以防止疫情蔓延,一部份大賣場商店街的租戶被要求暫停營業,集團希望能夠儘快重新開業,以減少停業造成的損失。

 

建議買入價: $9.00

目標價: $10.50

止蝕價: $8.50

 

註:本人伍洛桓為證監會持牌人士。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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