高鑫零售(06808.HK):1H18 NP stayed flat YoY,3.5% behind our estimate,Maintain Outperform,TP HK$12.7
机构:麦格理
评级:买入
目标价:12.7港元
Sun Art reported 1H18 results after market close today. 1H18 net profit attributable to shareholders stayed flat YoY at Rmb1,758m, 3.5% behind our estimates. We attribute the slight miss to lower unutilized prepaid card income (1H18: Rmb179m vs 1H17: Rmb460m) and higher impairment loss on PP&E (1H18: Rmb100m vs 1H17: Rmb40m). Even though SSSg remained in the red at -1.6% in 1H18, we believe its O2O rollout is well on track and expect to see deeper collaboration with Aliabba (BABA US) in the days to come.
Maintain Outperform. We will provide more details after the analyst briefing tomorrow morning (9 Aug) at 9am.
HK 高鑫零售
格隆汇声明:文中观点均来自原作者,不代表格隆汇观点及立场。特别提醒,投资决策需建立在独立思考之上,本文内容仅供参考,不作为实际操作建议,交易风险自担。