Market Brief

The articles are produced in Chinese only.

Author

伍洛桓先生(Gary Ng)
助理經理

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)

Monday, April 29, 2019 Views579

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 : $6.88

市值 : $656億

市盈率 : 21.9

市賬率 : 2.43

周息率 : 2.03%

52週高/低 : $11.52 / $6.72

10天/50天/250天平均價 : $7.03/ $7.43 / $8.85

 

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2018年12月,集團於中國合共有484間賣場及302間歐尚1分鐘無人店,涵蓋29個省份、自治區及直轄市中的233個城市。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。2017年11月,集團宣佈一項戰略聯盟,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,在中國食品零售領域尋求新機遇。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。集團可利用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。

 

集團公佈了2018年年度收入為人民幣993.59億元,同比下跌2.9%。其中來自銷售貨品的收入為人民幣955.51億元,較去年減少人民幣32.24億元,跌幅為3.3%。來自租戶的租金收入為人民幣38.08億元,同比增長7.4%。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41.96億元,同比下跌6.5%。由於集團透過淘鮮達項目投資其O2O業務,此投資帶來額外的人事成本、新設備的折舊以及其他營運成本。於2018年底集團所有門店已納入淘鮮達項目下且預期將於下個期間向集團貢獻收入。2018年是集團開啟零售數字化的一年,亦是計劃未來發展的一年。集團正竭力打造新零售,預期與阿里巴巴集團的合作可成為集團的業務新增長點。

 

建議買入價: $6.75

目標價: $7.80

止蝕價: $6.30

 

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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