Market Brief

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Author

袁鉅文先生 (Aman Yuen)
經理

金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.歡迎各位來電交流心得
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銀泰商業(HK.1833)

Monday, May 30, 2016 Views6009
銀泰2015總銷售額同比增長 6.0%到 167.6 億元人民幣(同下); 聯營銷售增長 3.1%到 139.8 億元; 直營銷售增長8.5%到18.1億元。租金收入增長 67.8%, 達到 9.1 億元。零售營業收入同比增長 12.3%到 51.5億元。此外, 集團在物業銷售業務錄得 6.0 億元的收入。主要費用開支(員工、租金、折舊及營銷成本)提升 9%到 22.6 億元 (佔總銷售額的 13.5%, 輕微提升 0.4 個百分點)。其中, 租金 人工 增長最快, 預計未來每年的漲幅在 10%左右)。期內, 股東應占利潤增長17.5%到13.2億元。如扣除一次性收益的影響, 核心業務淨利潤增長 6.4%到 8.0 億元。全年每股派息 0.32 元。
 
銀泰商業意識到電子商務對中國零售市場的重要性。在傳統百貨業已經開始走下坡路時,2015年,銀泰商業與阿里巴巴集團的戰略合作進一步整合了線下和線上的業務, 推出了“銀泰天貓貨”的概念,同時為更多互聯網品牌搭建了集貨、in junior等線下集合店。而在跨境方面和天貓國際合作,推出西選超市,同時推進意選項目主打全球好店。進入2016年,銀泰商業第一家線上超市店鋪在天貓超市開業,並首發“銀泰天貓超市卡”。該卡在全國數十家銀泰百貨門店和“銀泰天貓超市店”同效使用,實現線下IT系統服務於線上。
 
總體來看, 2015 年的業績表現優於同業。我們相信隨著過去中央的放崧貨幣政策,今年經濟增長將見成效,刺激人民消費。
 
維持買入評級。目標價為 9.97 港元, 相對於公司2016 年的PE 15 倍。
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