野村:下調六福(0590.HK)目標價至20.2港元 評級“中性”
野村發表報告,下調六福(00590.HK)2020-21年盈測24%及21%,目標價由25.4港元降至20.2港元,評級維持“中性”。
報告指,六福第二季度同店銷售年倒退37%,差於第一季度的倒退10%,港澳及中國分店同店銷售分別按年倒退39%至25%,較第一季度加快。六福黃金銷售遠較寶石首飾銷售疲弱,港澳及中國分店同店銷售分別按年跌46%及28%。
該行相信,基於香港示威情況惡化,六福對香港市場的依賴將持續使其整體銷售受壓,因此下調現財年香港同店銷售預測,由收縮5%降至收縮27%。
該行亦指,六福中國銷售亦遠較周大福(001929.HK)疲弱,內地授權店同店銷售錄低雙位數跌幅,扭轉第一季度低單位數升幅情況。管理層稱中國自營店及授權店銷售於10月首兩週的同店銷售見到改善,但該行仍下調現財年中國分店同店銷售預測至倒退15%。
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