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野村:降周生生(0116.HK)目标价至10港元 评级调低至“中性”
格隆汇 08-30 14:47

野村发表研究报告指出,周生生(0116.HK)上半年业绩表现疲弱,纯利跌幅扩大至4.1%,惟毛利率上升2.3个百分点至27%。该行将周生生评级由“买入”调低至“中性”,目标价亦由14.8港元降至10港元。

报告提到,第三季至今的中港两地同店销售进一步转弱,香港在部分活动持续下,7月及8月同店销售跌幅分别达超过20%及30%。中国市场亦见消费气氛转弱,同店销售由7月的正增长降至8月的双位数跌幅。该行估计,下半年公司在香港及中国市场同店销售分别跌20%及5%。

野村预期,下半年毛利率可受惠于金价上升,不过因销售表现疲弱,今年至2021财年的盈利预测调低14%至16%。在香港零售股中,该行更看好周大福(1929.HK),因该公司对香港市场依赖度较低,毛利率亦可跟随上升的金价有更佳的升幅。

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