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六福集團(0590.HK):2020財年2季度同店增長疲弱,維持“中性“,目標價至20.56港元
格隆匯 10-28 09:10

機構:國泰君安

評級:中性

目標價:20.56港元

六福在2019財年2季度錄得較弱的經營表現。期內總體同店銷售同比倒退37%,受到消費情緒疲弱、金價上漲、較高的基數以及香港社會動盪的影響。分地區來看,同店銷售在中國大陸同比下跌25%,在港澳同比下降39%。分產品來看,黃金產品和鑲嵌類珠寶的同店銷售分別同比下降43%和25%。2020財年2季度公司淨新開99家店,其中大部分為位於中國大陸低線級城市的品牌店。

對2020財年下半年表示謹慎。儘管公司在2020財年下半年基數較低,但在宏觀經濟放緩和國際局勢不確定的背景下消費情緒仍然是一個挑戰。公司加快了通過品牌店模式在中國大陸的開店速度,預計會支撐收入增長。但我們看到香港市場存在風險,並且公司接近半數的收入由香港市場貢獻。

維持投資評級為“中性”,但下調目標價至20.56港元。我們分別下調公司2020財年和2021財年的每股盈利19.7%和13.9%至2.056港元和2.363港元。新目標價相當於10.0倍2020財年市盈率以及8.7倍2021財年市盈率,反映市場更高的風險偏好。

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