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《大行報告》大摩:思捷(00330.HK)前景仍不明朗維持「減持」 @ 2013-05-09T03: Back Hot News
Keyword:思捷
Concept:36億目標 , 減值20億元
思捷(0330-HK)發盈警,預期截至今年6月底止下半年度將錄得重大虧損,導致全年整體錄得重大虧損。下半年度虧損主因為資產公平值作評估,因此出現非經常性撥備及減值,以及經營虧損大於預期所致。美銀美林表示,思捷第三季度銷售跌7.9%,符合該行預期,但思捷同時發盈警,該行料思捷最終將虧損36億元,較原來預期9.32億元虧損大幅增加,該行調低思捷目標價,由原來7.8元降至6.8元,相當於調整後的1倍市賬率,評級重申「跑輸大市」。
報告指,思捷(00330.HK)今年1月至3月的第三財季銷售跌7.9%,與預期相符。然而,集團發盈警指繼上半財年錄得4.65億虧損後,下半財年再「見紅」,受累24.7億至27.6億撥備及減值,涉及內地商譽、店鋪關閉及庫存老化的損失。該行調高思捷全年虧損預測,由早前的9.3億上調至36億元(每股虧損2.2元)。因此將目標價由7.8元降至6.8元,重申「跑輸大市」評級。

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