《大行報告》里昂降周大福(01929.HK)評級至「沽售」目標價下調至7.6元
里昂以「無辜的受害者」為題,發表周大福(01929.HK)研究報告,指近期於本港發生的事件,將影響零售環境及內地旅客訪港數量,該行料周大福之港澳業務將進一步去營運槓桿,高基數亦將影響表現。另其中國內地業務亦持續受惠於分店數目增加,部分需求亦將自港澳轉移至內地,料周大福內地業務將錄得輕微核心利潤率提升。
該行喜好周大福之產品、品牌及業務,惟相信於本港零售市道受影響的情況下亦不能倖免,評級自「跑贏大市」降至「沽售」,同時下調其2020至2022財年(截至各年3月底止)盈測約5%,目標價相應自7.9元下調至7.6元。
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