报告名称：Sun Art Retail Group Ltd(06808.HK)No Improvement in 3Q15 Maintain “Neutral”
报告类型：港股研究
报告日期：2015-12-17
研究机构：国泰君安国际
研究员：宋涛
股票名称：SUNART RETAIL
股票代码：06808
页数：8
简介：Sun Art posted its 1-3Q15 results. Turnover reached RMB 74,065 million, up 5.4% YoY, while net profit dropped 13.8% YoY to RMB 2,018 million. In 3Q15, revenue increased 5.2% YoY and shareholder’s profit dropped by 14.1% YoY. In the challenging operating environment, SSS declined approximately 3% and the foot traffic dropped by approximately 5% YoY.
Operating margin in 1-3Q15 was down 0.7 ppt despite the improved gross margin, mainly due to the 1) loss of e-commerce Feiniu; 2) loss in new stores and weak SSS growth; 3) decrease in interest rate. We revised down Sun Art’s EPS forecasts in 2016-2017 by 3.7% and 1.7%, respectively, to RMB 0.260 and RMB 0.267, representing 2015-2017 EPS down 10.8%, 4.4% and up 2.6% YoY, respectively.
We do not see any improvement in the Company’s 3Q15 results as well as the whole retailing industry. Sun Art’s earnings growth is expected to remain weak in the short-to-mid term. It is difficult for Feiniu to attract traffic; however, seeking for cooperation with internet giants may bring new opportunity. We maintain the Company’s investment rating as “Neutral” and TP of HK$ 6.29, which represents 19.2x 2015 PER, 20.1x 2016 PER and 19.6x 2017 PER.

下载地址：Sun Art Retail Group Ltd(06808.HK)No Improvement in 3Q15 Maintain “Neutral”