《大行报告》摩通料市场对周大福(01929.HK)业绩反应正面评级「增持」
摩通发表研究报告指,周大福(01929.HK)公布2019年度下半年经营溢利理想,按年增长11%,较该行及市场预期为佳,受惠强劲的毛利率扩张及经营杠杆。更令人鼓舞的是,公司内地4/5月份同店销售增长录得低双位数增长,相信今年至今的同店销售增长仍有正面惊喜而香港表现亦如期,估计市场对周大福业绩反应正面。
报告指,周大福於2016年在内地推行良好的多品牌策略,有助公司更积极发展二、三线城市,预料其未来数年将持续稳固势头。而公司管理层定下的2020年度目标过於保守,该行料周大福2020年度收入按年增长13%,而毛利率略扩张,带动经营溢利按年增近16%。另一方面,预计周大福自由现金流将进一步加强,意味着公司未来数年很有可能维持高派息比率,故重申评级「增持」,给予目标价10元。
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