花旗发表报告指,莎莎国际上半财年纯利3,200万港元,低于该行预期及盈警下限。净利润显著下降是由于宏观环境与消费意欲疲弱导致销售按年下跌10%,以及内地to-B网上销售增长拖累毛利率缩减。该行指,莎莎派息比率稳定在72%,预期未来仍会保持稳定。
该行将2025至2027财年盈利预测下调50%至53%,以反映较弱的销售及利润假设;目标价由1.49港元降至1.18港元,维持“买入”评级,因估值需求不高。
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