You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
花旗:升六福集團(0590.HK)目標價至24港元 評級“買入”
格隆匯 11-29 15:51

花旗報告指出六福集團(00590.HK)中期表現好過預期,相信是由於金價上漲以及寶石鑲嵌產品銷售組合增加,帶動毛利率提升至29.9%。但若撇除金價因素,管理層預計香港業務很難做到收支平衡,並預測2020財年全年收入及利潤都將下降雙位數。

期內收入下跌幅度較同業周大福(01929.HK)要大,期內純利下跌25%至4.96億元,若剔除與黃金貸款相關虧損,核心淨利潤只按年下跌3%。報告指,受寶石產品銷售持續疲軟所拖累,六福內地同店銷售在10月份有所下跌,但在11月改善至趨向平穩;香港方面同店銷售仍然疲軟,在10月及11月下跌約40%,受金價走強帶動作香港區業務仍然錄得盈利。

六福進一步將內地明年開店目標提高到200多家新店鋪,至於港澳地區則計劃開設3家門店,但因應香港市況不穩,亦有計劃關閉部分門店。考慮到未來續租時將商標減租以及關店,預期2020財年的總租金成本將出現單位數降幅,2021財年則下降雙位數。花旗上調目標價至24港元,並維持“買入”評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account