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花旗:升六福(0590.HK)目標價至25.1港元 評級“買入”
格隆匯 10-18 15:37
花旗發表研究報告指,六福(0590.HK) 2020財年第二季的港澳同店銷售表現惡化至跌39%,主要是受到高基數效應、黃金價格上升及香港社會運動等因素拖累。期內,中國內地自營店的同店銷售表現惡化至跌25%,這是受高基數因素影響,加上貿易摩擦令市場氣氛疲弱所致。於內地的特許經營店在2020財年第二季同店銷售錄11至13%的跌幅,而珠寶首飾產品的同店銷售則錄低單位數跌幅。在10月份的首兩週,港澳同店銷售增長進一步下跌,但中國內地的自營店及特許經營店的同店銷售增長均見提升。在積極與業主商討續租後,管理層預期2020財年香港的續租租金將會錄單位數跌幅,2021財年更會有雙位數跌幅。在節省成本方面,公司仍未有裁員計劃,因為認為這會有損內部士氣。
另外,管理層預期2020財年在內地市場將會新增至少200家店鋪,較2020至2022財年的三年計劃中最少開150家店的目標為高。大部分新開的店鋪將會是設在低線城市的特許經營店。該行將公司2020至2022財年的港澳同店銷售增長預測調整至跌26%、跌6%及持平,內地的同店銷售則分別調整至跌7%、0%及0%,並因此將整體盈利預測分別調低至7%、11%及10%。目標價由原來的22.9港元上調至25.1港元,投資評級為“ 買入 ”。
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