高鑫零售(06808.HK)：1H18 NP stayed flat YoY，3.5% behind our estimate，Maintain Outperform，TP HK$12.7

机构：麦格理

评级：买入

目标价：12.7港元

Sun Art reported 1H18 results after market close today. 1H18 net profit attributable to shareholders stayed flat YoY at Rmb1,758m, 3.5% behind our estimates. We attribute the slight miss to lower unutilized prepaid card income (1H18: Rmb179m vs 1H17: Rmb460m) and higher impairment loss on PP&E (1H18: Rmb100m vs 1H17: Rmb40m). Even though SSSg remained in the red at -1.6% in 1H18, we believe its O2O rollout is well on track and expect to see deeper collaboration with Aliabba (BABA US) in the days to come. 

Maintain Outperform. We will provide more details after the analyst briefing tomorrow morning (9 Aug) at 9am.