南洋行家论股
海鸥 全年股息砍至10仙
目标价：3令吉
最新进展
海鸥（HAIO，7668，主板消费股）2019财年首两季，净利报2459万8000令吉，比去年同期下跌37%。
上半年核心净利下跌，归咎于：
1. 多层行销（MLM）业务营业额跌39%；
2. 税前盈利赚幅萎缩1.6个百分点，从20.3%降至18.7%；
3. 实际税率为25%，去年同期为23%。
行家建议
上半年净利低于我们和市场的预测，分别占全年预测的28%和34%。
每股4仙的第一次中期股息，也低于预测，因此，我们下修全年的股息预测，从每股20仙，减少至每股10仙。
此外，我们也下砍2019至2020财年的净利预测，幅度分别为26%和27%，因为估计销售将会放缓，而多层行销业务的经销商预测也减少。
由于新政府的政策仍不明朗，预测未来两年的经销商只会微增。
我们也把目标价格，从5.15令吉降低至3令吉；投资评级也从“超越大市”，下修至“跟随大市”。
http://www.enanyang.my/news/20181218/海鸥-br-全年股息砍至10仙/
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