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中金:降周生生(0116.HK)今明兩年盈測 維持“中性”評級
格隆匯 12-27 14:49

中金髮表研究報告,指香港10月珠寶、手錶和鐘錶,以及貴重禮品零售額下滑42.9%,仍然受到地區零售環境不確定性的衝擊。中國內地11月珠寶零售額小幅下滑1.1%。珠寶銷售情況落後於整體零售情況,説明可選消費品敏感度較高。

8月中期業績期時,周生生(00116.HK)曾預計香港零售環境的不確定性將持續到2019年第三季度,且通過降低租金和關店減少運營成本可能無法完全抵銷不利零售環境的影響。但公司維持年初制訂的2019年內地開設60家新店的計劃。此外,公司保持自營模式以維持服務質量、品牌意識和門店形象。因此,該行認為以內地為主的銷售結構以及直營店可能提供下行保護。

考慮當前對零售環境的擔憂,該行將周生生2019和2020年每股盈利預測分別小幅下調7.5%和9.2%。維持公司“中性”投資評級,維持目標價9.62港元。

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