[KT] Goldman Sachs將投資評等調至「賣出」，Kingfisher股價應聲下跌

Kingfisher Slides as Goldman Sachs Cuts Its Rating to `Sell'
Goldman Sachs將投資評等調至「賣出」，Kingfisher股價應聲下跌

By Loveday Morris

May 1 (Bloomberg) -- Kingfisher Plc, Europe's largest home- improvement retailer, slid in London trading as Goldman Sachs Group Inc. advised investors to sell the stock, saying sales at the company's main chains may have worsened in the first quarter.
當Goldman說在第一季，Kingfisher這家歐洲最大的房屋零售商的主要財源日趨惡化，於是建議投資人賣出Kingfisher的股票。於是，它的股價在倫敦交易所應聲下挫。

Revenue at stores open at least has probably ``slowed materially'' since the end of London-based Kingfisher's fiscal year in January, Goldman analyst Lucy Chamberlain wrote in a note to clients dated yesterday, that was distributed after the markets closed. She cut her rating from ``neutral'' and trimmed her share price estimate to 110 pence from 137 pence.
由於開店的收入已經顯著的下降，Goldman的分析師將它的投資評等從「中立」修正為「賣出」，並且將目標價格從137便士降至110便士。

Kingfisher fell as much as 5.1 pence, or 3.8 percent, to 127.7 pence in London, and traded at 129.5 pence as of 8:50 a.m. local time, extending the drop for the past year to 53 percent. The retailer is scheduled to report first-quarter sales on June 4.
今天早上為止，Kingfisher的股價已經下挫了5.1便士，也就是3.8%。從去年開始計算，它已經整整下跌了53%之多。這家公司將於6/4公布第一季的財報。

Home Retail Group Plc, whose Homebase chain is the U.K.'s second-biggest do-it-yourself retailer after Kingfisher's B&Q, yesterday said sales had been weaker than expected at the unit because of cold, wet spring weather and pressure on household incomes. Consumer confidence is also sliding in France, where Kingfisher owns Brico Depot and Castorama stores.
英國的第二大DIY零售商，Home Retail Group，說銷售下滑的比預期的還多。主要原因是今年濕冷的春天，以及家庭收入的減少。在法國，消費者的信心也沒有好到哪裡去。

``We believe that U.K. do-it-yourself spending is unlikely to recover and that French do-it-yourself spending is coming under significant pressure,'' Chamberlain wrote in the note.
Goldman的分析師進一步指出：英國的DIY產品消費是很難恢復的了。同時，法國的部分也是很糟糕。

Kingfisher Chief Executive Officer Ian Cheshire last month said ``the shape of the group is probably right,'' adding that he doesn't plan to exit Italy, where sales are sliding.
Kingfisher的CEO說：這家公司的規模是適當的。並且補充，他並沒有要退出銷售衰退的義大利市場。

``Kingfisher's decision to avoid any significant disposals concerns us, given the group's highly levered balance sheet,'' Chamberlain said in the note.
Goldman的分析師表示：在Kingfisher的高槓桿財務風險下，它的任何動作我們都會非常關注。

To contact the reporter on this story: Loveday Morris in London at lmorris7@bloomberg.net.

Last Updated: May 1, 2008 04:00 EDT

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