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《大行報告》摩通上調國美零售(00493.HK)目標價至0.55元 評級「減持」
阿思達克 04-08 11:49
摩根大通發表研究報告指,計及商譽、物業及設備減值等,國美零售(00493.HK)去年度錄得虧損約70億元人民幣,符合早前盈警指引,認為公司股價近期上升主要由於創辦人黃光裕獲釋後,高管積極與市場投資者溝通所致,相信正面影響已過度反映,認為公司基本面仍要面對一定挑戰。

管理層目標於未來18個月存貨單位(SKU)可達到50萬,交易總額(GMV)達到2,000億至3,000億元人民幣。摩通認為,國美對未來發展具有野心,但前景及計劃未見明朗,又指公司計劃對社區服務及生鮮業務加大投資,將削弱資產負債表及推高融資成本,預期配股集資風險增加。

考慮到業務面對激烈競爭及發展前景未明,摩通重申「減持」評級,估計今年度在低基數下收入將增長22%,但料今明兩年續錄虧損,目標價由0.5元升至0.55元。

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