《大行報告》匯豐研究降六福(00590.HK)目標價至23.4元評級「持有」
匯豐研究發表報告,六福(00590.HK)公布2019財年下半財年溢利按年跌3%,並訂下2020年度收入及盈利增長持平的指引。相信該股不論在估值及盈利均缺乏方向,但仍料派息穩定,故維持對其「持有」評級,目標價由25.3元降至23.4元,此相當綜合市盈率9.4倍。
該行指,近日金價上升,金飾銷量會受到負面影響。由於金價走勢及訪港澳的內地旅客前景均不穩定,故預料六福盈利透明度維持低迷。
該行指,下調對六福2020年度盈利預測至跌2.3%,收入增長持平,而2019年至2022年盈利及收入年複合增長預測,分別達2.1%及逾3.3%。該行估計六福2020財年及2021財年盈利預測分別為14.59億元及15.32億元,較市場預期低6%及10%,同時2020年預測股息率為4.5%。
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