Market Brief

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徐文輝先生 (Tsui Man Fai)

3651 7385


Monday, October 08, 2018 Views2613

國際家居零售主要以「日本城」品牌經營家用品零售業務, 業務主要集中於香港, 佔集團17-18年度總收入約87%, 另外於澳門及新加坡等地均有經營業務. 除「日本城」外, 集團亦開始發展其他零售品牌如「生活提案」,「123 BY ELLA」等, 分店網絡合共有353間(包括特許經營店). 集團亦開始發展電子商貿業務.


集團於早前公佈了17-18年度業績, 總收入上升5.6%至22.3億港元(下同), 利潤則增長32%至1.009億元. 利潤增速較收入高主因為新加坡業務在精簡分店網絡及人手後同店銷售及毛利均有所增長, 並於下半年轉虧為盈所致. 而集團的毛利率則為46.8%, 與上一年相若. 主要市場香港的收入增幅有5.2%, 同店銷售增長4.5%. 集團宣佈派發末期息0.07元, 全年派息0.122元.


現時香港經濟環境因受中美貿戰及加息週期開始影響, 前景漸趨不明朗. 但集團銷售產品主要為中低價日用必需品, 而且市場主要集中於香港, 因此相信會較少受經濟波動或貿戰的影響. 而且在經濟較差時反可能受惠於租金下跌等現象令營運成本下降, 以及顧客棄用高價家品, 轉用較便宜家品帶來的正面影響. 另外, 集團財政穩健, 處於淨現金狀態. 而上市後更從未停止派息, 按5/10/18的收市價$1.81計算, 股息率達6.74%.


集團股價自「股壇長毛」David Webb 於5月時增持股票至需披露的5%水平及業績公佈後一度升至$2.12的高位, 現時有所整固, 可待股價回調至$1.75及$1.65分注買入作中線持有收息, 週息率約為6.97%及7.39%. 亦可待重上$2.00水平沽出, $1.50止蝕. (8/10/2018)












Company Annual Report, 2018


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