大和:重申周大福(1929.HK)“买入”评级 下调目标价至7.9港元
大和总研发表研究报告指,周大福(1929.HK)2020年度上半年收入按年轻微下跌0.6%,净利则按年下跌20.8%,净利下跌主要由于其黄金贷款按市值重估产生的未实现损失,符合早前的盈利警告,但在充满挑战性的香港营商环境下,公司仍能派发中期息12港仙,派息比率高达78.3%,对比去年同期为77.5%。该行维持其“买入”评级,但将其目标价由8.5港元下调7.05%至7.9港元。
大和指出,周大福2020年度上半年国内同店销售额增长为1.8%,核心经营利润按年上升37.8%;而港澳地区的同店销售额增长按年下跌27.5%,核心经营利润按年下跌26.1%。该行将其2020-2022年经调整每股盈利预测下调5-7%。
该行认为,公司港澳地区的同店销售额增长逐渐改善,管理层指出2020年度将有20间店铺续约,预计可争取到20-50%的租金下调,其租金支出或会有中单位数下降;2021年度亦有40间店铺续约,相信其租金压力会逐渐减低。

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