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六福集團(0590.HK):2020財年上半年業績疲弱,維持“中性“評級
格隆匯 12-13 17:20

機構:國泰君安

評級:中性

2020財年上半年六福錄得496百萬港元的股東淨利,同比下降25.4%,差於市場預期。總收入同比下滑9.2%至6,305百萬港元。分地區來看,中國內地收入同比下降9.2%,同店銷售倒退15.7%,由於金價上漲以及消費情緒較弱。港澳地區收入同比下降26.1%,同店銷售倒退24.9%。毛利率同比大幅提升6.2個百分點至29.9%,受益於金價上升以及鑲嵌類珠寶佔比提升。公司提議派發每股0.50港元的中期股息,派息率59.1%。

10月和11月同店銷售仍然疲弱,公司加速開店節奏。根據管理層,中國內地同店銷售在10月維持負數但在11月轉正。香港同店銷售仍然維持在約40%的倒退。2020財年管理層計劃在中國內地新開不少於200家店鋪,但指引2020財年收入和淨利都將錄得雙位數下滑。

維持投資評級為“中性”以及目標價20.56港元。考慮到金價上漲和消費情緒的影響,我們下調了2020財年的收入預測但上調了毛利率預測。我們基本維持2020財年的每股盈利預測,目標價相當於10.1倍2020財年市盈率以及9.2倍2021財年市盈率。下行風險包括金價波動以及經營去槓桿。上行風險包括消費情緒回升。

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