摩通建议吸纳周大福(1929.HK)及利福(1212.HK)
摩根大通发表报告指,香港零售过去三个月处于困局,当中包括中美贸易摩擦于5月初重燃,打击消费气氛等不利因素,已完全扭转该行于4月中对整体消费升级的看法,且拖累香港零售股股价全线下滑。
不过,该行补充,对以下两类零售商的前景并不太看淡,包括在内地业务占比重的零售商,如周大福(1929.HK)
内地收益比重逾60%,以及相对不太依赖旅客消费的零售商,例如利福国际(1212.HK)
旗下铜锣湾崇光百货有60%收益来自本地消费。因此该行相信,周大福股价的下跌主要受累于行业周期下滑多于游行所带来的影响,意味着9月可能出现强劲反弹;又指利福拥有稳定经营水平及股息率
,会为下行带来支撑。
该行建议趁低吸纳周大福及利福,维持予“
增持
”评级,目标价分别为10港元及16港元;惟基于莎莎国际(0178.HK)
及六福集团(0590.HK)
不利的收益组合,对该两公司的前景持审慎看法,均维持“
中性
”评级,目标价分别为2.5港元及27港元。
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