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花旗:升六福集团(0590.HK)目标价至24港元 评级“买入”
格隆汇 11-29 15:51

花旗报告指出六福集团(00590.HK)中期表现好过预期,相信是由于金价上涨以及宝石镶嵌产品销售组合增加,带动毛利率提升至29.9%。但若撇除金价因素,管理层预计香港业务很难做到收支平衡,并预测2020财年全年收入及利润都将下降双位数。

期内收入下跌幅度较同业周大福(01929.HK)要大,期内纯利下跌25%至4.96亿元,若剔除与黄金贷款相关亏损,核心净利润只按年下跌3%。报告指,受宝石产品销售持续疲软所拖累,六福内地同店销售在10月份有所下跌,但在11月改善至趋向平稳;香港方面同店销售仍然疲软,在10月及11月下跌约40%,受金价走强带动作香港区业务仍然录得盈利。

六福进一步将内地明年开店目标提高到200多家新店铺,至於港澳地区则计划开设3家门店,但因应香港市况不稳,亦有计划关闭部分门店。考虑到未来续租时将商标减租以及关店,预期2020财年的总租金成本将出现单位数降幅,2021财年则下降双位数。花旗上调目标价至24港元,并维持“买入”评级。

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