《大行报告》汇丰研究降六福(00590.HK)目标价至23.4元评级「持有」
汇丰研究发表报告,六福(00590.HK)公布2019财年下半财年溢利按年跌3%,并订下2020年度收入及盈利增长持平的指引。相信该股不论在估值及盈利均缺乏方向,但仍料派息稳定,故维持对其「持有」评级,目标价由25.3元降至23.4元,此相当综合市盈率9.4倍。
该行指,近日金价上升,金饰销量会受到负面影响。由於金价走势及访港澳的内地旅客前景均不稳定,故预料六福盈利透明度维持低迷。
该行指,下调对六福2020年度盈利预测至跌2.3%,收入增长持平,而2019年至2022年盈利及收入年复合增长预测,分别达2.1%及逾3.3%。该行估计六福2020财年及2021财年盈利预测分别为14.59亿元及15.32亿元,较市场预期低6%及10%,同时2020年预测股息率为4.5%。
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