Insights

同屬逆市奇葩:OK大戰HKTVMall

OK便利店母公司利亞零售 (SEHK:831)及港視 (SEHK:1137)新舊兩者應如何比較? –

雖說零售業成本港經濟重災區OK便利店母公司利亞零售 (SEHK:831) 股價,在2020年不經不覺已上23%,是零售業的逆市奇葩

然而港視 (SEHK:1137)更猛,同期間的股價升幅超過兩倍。只要比較OK和HKTVMall的實際經營狀況及業績,即可知道現價的港視還未算貴。

利亞零售中期業績硬淨

利亞零售剛公布截至今年6月底的中期業績,收益逆市增加5.7%,但核心經營溢利倒退3.2%,股東應佔溢利跌0.5%8205,維持中期派息每股6仙。          

利亞零售超過8經營溢利來自OK便利店,1成多來自聖安娜餅店,餘下年新開的Zoff眼鏡連鎖店3項業務中,表現最強勁的亦是OK便利店今年上半年收入按年增加7.9%23.59億元經營溢下跌2.3%至8630萬元。

OK此期間的同店銷售增長8.3%疫情市民減少外出的情況下,表現。但由於銷售增長主要由高價值低利潤產品類別帶動,可說有點中看不中用邊際利潤減低而且疫情嚴重影響商業區及邊境中轉站的店舖,集團削減約一萬小時營業時間,直接減低溢利。

OK營收與HKTVMall商品交易額規模差不多

OK便利店上半年的營業收入HKTVMall同期的GMV規模差不多,比較兩者正好傳統零售和線上零售的經營狀況及表現作對比有助評估兩間公司的走勢

OK在香港共有340間便利店,在澳門有33間特許經營便利店便利店集團規模而言,「7仔」711之後。雖然集團在業績報告多次強調「線上到線下」,便利店並非網購,銷售主要仍靠市民親到店舖幫襯,就算可透過Foodpanda平台加享配送服務,在整體業務而言只是輔助性質。便利店業務是提供「方便」為主,透過「有一間喺左近」,為街坊提供各類增值服務,包括購買「應急」日用必需品、小食、飲品、零食、還有最近主打的防疫產品。

所以,雖然OK和HKTVMall都是經營日用品零售,貨種並不一樣隨着網購日漸普遍,便利店更加需要把銷售重點與網上超市作明顯區分,並以各類增值服務增加收入及吸引人流日本及台灣的便利店這個進化過程比香港走前了許多步代表OK便利店未來絕對仍有生存空間。

HKTVMall勝在有前景

利亞零售股票的交投量一向並不高,平均每日成交金額落在一萬元上下;最近一年走勢向上,自2020年以來股價上升兩成多,某程度上反映市場對集團業務前景仍有信心現時集團市值接近30億元

相比起來,港視就熱鬧得多,2020年以來股價上升兩倍多,市值已升至接近69億元。另外,港視已就上半年業績發盈喜,指將有可能錄得不少於9000萬元的盈利。

比較兩隻股票的市值,雖然利亞零售除OK便利店還聖安娜及Zoff業務略估算,若把港視視作「新經濟」股並考慮其增長前景,港視價並不算貴。

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 Wendy So(筆名) 沒持有以上提及的股票。

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

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