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一隻抗疫力強的收息股滄海遺珠

對於投資者來說,這隻收息股是很值得買入投資組合的選擇。 – Top stocks November 2019 China

香港便利店品牌「OK」的母公司——利亞零售(SEHK831)最近公布2020年中期業績,集團在疫市展示出強勁防守力,中期股息持平,長線投資收息可買?

無懼零售寒冬

疫市為零售業帶來強烈逆風,本地防疫措施收緊,加上社區距離意識抬頭,大眾外出消費意欲大減。零售額受挫,不少業務防守力較低,如面向旅客消費的零售店大受打擊,邊際低的零售商更因而陷入困境。然而,利亞零售的表現相當硬朗,收益在上半年錄得5.7%增長至28.6億元(港元·下同),核心經營溢利僅輕微下跌3.2%1億元,反映出集團業務防守力。

民生消費靠定

集團的業務表現防守,主要是因為旗下品牌以民生需求為主。OK便利店主要為社區消費者帶來便捷的消費體驗,雖然疫情中外出活動有所減少,但社區消費需求依然存在,食肆在防疫措施下提早關門更可刺激大眾到便利店消費的意欲。利亞經營的OK便利店業務在期內的營業額按年增加7.9%23.6億元,可比較同店銷售額增長則為8.3%。不過,銷售增長主要來自高定價低邊際產品,造成毛利較去年同期減少約2.7%

此外,集團所經營的餅屋品牌——聖安娜」同樣面向本地需求,但分部營業額仍按年減少5.5%4.8億元,集團歸因於生日蛋糕銷售減少,但包裝產品受惠疫情而錄得雙位數增長,在家慶祝節日的趨勢亦帶來利好影響。至於集團的眼鏡業務「Zoff」的營業額則錄得12.7%增長,主要貢獻自集團的長策略,新店持續增加市場份額,如期內在銅鑼灣利舞臺廣場及尖沙咀美麗華廣場開設兩家新分店。

長線收息價值吸引

利亞零售在疫市中展示出強勁的業務防守力,相比起整體零售業更是鋒芒畢露。雖然集團預期上半年所面臨的挑戰將在下半年延續,但集團旗下品牌在上半年所反映出的強勁適應能力有望持續鞏固。收益來源穩定,利亞零售的業務表現有較高確定性,而且集團的財務狀況穩健,沒有銀行借貸之餘,更擁有4.1億元現金儲備,佔總資產近18%,長線維持穩定分派的能力可靠。

結語

利亞零售的業務確定性高,疫市中展示強勁防守力,值得加入收息組合。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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