花旗:下调周大福(1929.HK)目标价至9港元 评级“买入”
花旗发表报告表示,周大福(01929.HK)上半财年纯利按年跌21%,撇除黄金对冲的影响,核心盈利更升5%,优于公司管理层预期,主因是金价急升带动经调整毛利率走高。
该行预期,假设毛利并无利好因素及进一步的销售计划,周大福下半财年核心盈利将变差(料按年跌17%),但相信下一财年会有明显复苏,因香港业务见底回升、租金成本下跌以及销售跌幅收窄等所带动。该行下调其2020至2022财年核心盈测4%至9%,以反映下调同店销售预测,目标价相应由9.4港元降至9港元,但维持“买入”评级。

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