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逾十厘息佐丹奴仍是收息陷阱?

佐丹奴(SEHK:709)仍是收息陷阱嗎? –

買股票收息可享持續現金收入,但股息陷阱處處,一不小心容易成為下隻匯豐。佐丹奴SEHK709)過去分派豐厚,以2019年度每股分派計,現價股息率超過10%。集團最近公布中期業績,表現如何?仍是收息陷阱嗎?

零售業面臨強烈逆風

佐丹奴主要從事服裝銷售業務,經營著超過2,000間門店銷售自有及授權品牌,例如GiordanoGiordano JuniorGiordano LadiesBSX。然而,2020上半年出現強烈逆風,零售行業踏入嚴寒。疫市中大眾外出消費意欲大降,潮流衣物屬於非必要消費,受打擊更加沉重。佐丹奴的營業額在疫市中錄得逾4成跌幅,反映門店銷售表現相當遜色。

銷售額受挫下,佐丹奴的盈利能力更被嚴重削弱。毛利率下跌4.7個百分點至54.6%,這或可歸因於高定價品牌受疫市打擊更大,影響銷售組合佔比。邊際貢獻大幅減少對經營效益影響顯著。分銷成本雖然有所減少,但仍蠶食全數溢利,經營利潤由盈轉虧,錄1.8億元虧損,同比跌幅為170%

邊際低而且欠缺優勢

佐丹奴的品牌成功進駐多個海外市場,但服裝行業競爭激烈,低定價親民品牌眾多,例如迅銷有限公司SEHK6288)旗下「UNIQLO」及「GU」。雖然市場激爭未有對佐丹奴的定價能力構成重大威脅,事實上集團的毛利率更勝於迅銷有限公司最新公布的51.9%,但大眾品牌欠缺獨特性,市場份額持續被競爭對手及新晉品牌攤分,銷售周轉表現會出現下行壓力。這為佐丹奴的業務表現帶來重大不確定性,因為利潤率本已不高,銷售表現波動容易造成顯著虧損。

雖然今次虧損主要源於疫情影響,如以上提到的迅銷有限公司同樣在最近公布的季績中錄得虧損。然而疫情競爭環境不見得會有明顯轉變,佐丹奴早在疫前已面臨增長困難,營業額20152019年間累計錄得近10%負增長,反映品牌實力持續被競爭所削弱。

結語

即使銷售表現可在疫後重振,若品牌吸引力無法改善,業務不確定性依然相當高,長線投資收息未必可取。

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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