You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
花旗:予周大福(1929.HK)“买入”评级 目标价9.4港元
格隆汇 09-05 17:20

花旗发表研究报告指,受香港部分活动加剧影响,周大福(1929.HK)8月份的香港同店销售增长将较7月差。但该行相信,公司关店及去库存等将有助支持派息;加上,公司强化产品能力及增加店铺渗透,预期公司的内地业务增长前景稳固,予“买入的投资评级,目标价9.4港元。

花旗估计,周大福继7月香港同店销售下跌30%,8月份将再跌50-60%。该行认为,公司于近两个月销售疲弱主要是受高基数及暂时性需求疲软所影响,但预期即使部分活动持续,公司9月份的跌幅有机会收窄。该行又指,公司管理层在店铺续租时要求业主减租30%至40%及临时租金减免等,如果业主拒绝则有可能于未来6-12个月准备关店,相关举措或有助减低资本开支等。

花旗又提到,周大福7月及8月的内地同店销售同样录得跌幅,因黄金价格上涨影响需求。而周大福管理层维持2020财年同店销售增长高单位数、开500间新店及收入增长双位数的目标,该行相信公司盈利能力将维持良好。

另外,该行将周大福2020-2022年的净利润预测下调9%、4%及0%,以反映收入增长预测下调7%、5%及4%,料2020财年核心盈利受累香港业务跌2%,及受益于内地业务增长于2021、2022财年回升21%及14%。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account