Insights

零售寒冬過後爆升的一隻零售股

佐丹奴國際(SEHK:709)今年上半年業績轉盈為虧,是否意味這隻年年派高息的零售股已再無可取? –

經歷去年社會運動,到今年以來新冠肺炎疫情反覆持續,雪上加霜不足以形容傳統零售商的經營困局。向來作風穩健的佐丹奴國際(SEHK:709)亦未能倖免,上半年業績轉盈為虧,是否意味這隻年年派高息的零售股已再無可取?

佐丹奴今年上半年銷售額按年大跌44.4%,至14.13億元。毛利7.72億元,倒退48.8%;毛利率收窄4.7個百分點,至54.6%。受到銷售額急跌及計提資產減值撥備拖累,上半年錄得虧損1.75億元,去年同期則有純利1.61億元。即使撇除資產減值非現金影響,中期業績仍要蝕1.04億元。

調配資源至網上及加盟商業務

疫情之下,集團網上銷售額增長5.3%,至1.39億元;佔總銷售額比重由去年同期5.2%急升至9.8%,特別是來自內地市場的貢獻達3100萬元,大增93.8%。鑑於經營環境仍未明朗,管理層表明將關閉表現欠佳分店,調配更多資源到網上和加盟商業務。尤其本港市場,商舖租金相對其他地區仍高,若大幅減租未見出現,將縮減本港業務。而為迎接整體市況回暖,正迅速數碼化經營方式,為反彈作好準備。

不減價促銷以免進一步拖低毛利率

存貨管理方面,由於部分市場實施人流管制措施,令節日銷售所準備的商品造成積壓;存貨對成本流轉日數由去年同期92日,大幅提高至138日。不過,存貨金額收窄7.6%,至4.86億元。反映控制存貨措施得宜。集團預計存貨水平會逐步回落,故未有大幅減價促銷,避免進一步拖低毛利率。

繼續派息與股東共渡時艱

比起其他零售股,佐丹奴另一優勢是現金相當充裕。截至6月底止扣除銀行貸款後,持有現金9.89億元,相當於每股持淨現金約0.62元。雖然業績見紅,但管理層未忘一貫的回饋政策,無盈利之下仍派發中期息3.1仙,與股東共渡時艱。

總結:長線生息增值選擇

雖然目前大氛圍不利投資零售股,但最差情況終會過去,零售業曙光亦會來臨。佐丹奴現價已跌至2008年金融海嘯時低位,投資者若然有耐性、手頭資金足的話,可分段趁低吸納佐丹奴作長線部署,大有機會成為未來生息增值的理想工具。

編輯: Yan

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 Raymond Lo沒持有以上提及的股票。

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

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!