研报 | 昇崧集团(Sheng Siong):开新店 + 市场份额 + 更高利润 = 利润创新高

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2019年11月1日
增持 (维持)
收盘价:SGD 1.17 | 预测DIV:SGD 0.037
目标价:SGD 1.32 | 总回报:16.0%

 

摘要

2019年三季度的收入在我们的预期之内。由于获得更高的毛利率以及其他收入(津贴)的增加,净收益超过了我们的预期。因为新鲜食品销售组合的增加,三季度的新店推动收入增长11%,而毛利率也优于预期。

昇崧 (SSG) 在2019年四季度/2020年一季度又将获得三家新店。累计六家新店将使店面面积扩大8%,并支持2020财年末的收入增长。

由于获得更高的毛利率和其他收入,我们将2019财年末的收益提高了2%。我们维持增持评级的建议不变。加上2019财年末的收入增长,我们将目标价上调至1.32新元 (先前目标价为1.30新元)。尽管新加坡消费者支出疲软,但新店的增加,市场份额的增长以及获得更高的毛利率,促使SSG的利润创新高。

 

积极方面

销售增长趋向11%。2019年三季度的销售同比增长11.4%,超过了我们预期的10%。受到店面面积增长17%至502,000平方英尺(加权平均)的支撑,销售额有所增长。季初至今,2019年8月,新加坡超市销售仅增长1.7%。以10.2%的增长率(仅新加坡),SSG 的扩张速度是整个行业的好几倍。

毛利率保持在创纪录水平。新鲜产品的销售增速快于食品杂货,从而推高了利润率。SSG正从湿货市场抢占市场份额。湿货市场正面临人力招聘方面的困境,并正遭受供应链议价能力下降的影响

 

消极方面:

由于开设新店致使管理费用上升。开设新店的另一面是来自员工和租金的初始固定成本。2019年三季度,管理费用占销售额的比例为17.3%。我们预计随着这些商店步入正轨,成本将逐渐减少。到期时,管理费用在销售额中的占比为16.5% (2014-17财年)。另外,一家在Thomson,其销售额占比不到1%的门店,预计将于2019年12月关闭。

 
 

前景

对SSG的展望是积极的。SSG在2020财年末的收入增长来源包括:(i) 2020财年末,其店面面积将再增长8%;(ii) 毛利率将随着新鲜产品市场份额的增加而攀升(高于传统的湿货市场);(iii) 行业中的超市销售正在温和复苏;(iv) 随着门店步入成熟期,每平方英尺的收入将提高至2,000新元左右 (目前按年化计算为1,960新元);(v) 营运杠杆将随着销售额的增加而提高。

维持增持评级,目标价为1.32新元 (先前目标价为1.30新元)。

2019财年末,我们的目标价是基于25倍的市盈率。SSG正依靠新加坡市场的稳定增长和市场份额的不断提高。另一个具吸引力的是其3.2% 的股息派发率,25% 的净资产收益率,以及8300万新元的净现金资产负债表。

 

 

本文为英文翻译版本,仅供参考,一切请以英文版本为准。如果有想了解更多全球股市资讯,请关注微信公众共 “辉立资本新加坡” (SGPSPL)。同时提供在线免费开设股票账户,一个账户轻松交易美股,港股,新加坡股,中国A股,越南股票,韩国股票,德国股票,马来西亚股票,泰国股票,印尼股票,菲律宾股票,日本股票,澳大利亚股票,台湾股票,加拿大股票,英国股票,法国股票,荷兰股票,葡萄牙股票,比利时股票,土耳其股票

 

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