Analyst Research Report Snapshot

Title:

百麗國際 (1880 HK, HK$7.8, 持有): 評級由「增持」調降至「持有」

Price:

$46.00

Provider:

KGI Greater China

Date:

29 May 2014

Pages:

6

Type:

AcrobatPDF

Companies referenced:

1880.HK

Available for Immediate Download
Summary:

中長期內業務恐無顯著改善 2月底前14個月(財年制自12月底調整後首次公佈年報)財報顯示,由於鞋類營收不佳導致利潤承壓; 公司調降指引,今年同店營收成長從中低單位數成長調降至持平 公司將持續優化運營方式,目標包括採行O2O策略,進行IT系統升級,並重新定位為品牌廠商,惟並未提供細節;我們認為近期內變革有限 預估因利潤率承壓,2015財年獲利將下滑; 2016-17財年將因營收成長10%使業績成長回溫; 12個月目標價降至8.20港元; 下調為「持有」評級 鞋類產業展望持續不振,公司利潤率未來數年將承受更多壓力,因此我們將評等調降至「持有」,目標價降至8.20港元,相當於2015財年14倍市盈率 (較先前降低1倍)。我們肯定公司強勁的市場地位,並認為其有能力在零售產業頹勢中維持業績不出現劇烈下滑,惟我們認為明顯業績改善仍需要時間。

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