美銀證券:首予周大福(1929.HK)“買入”評級 目標價10.2港元
美銀證券發表研究報告,首予周大福(01929.HK)“買入”評級,認為公司作為珠寶零售商在垂直整合上有中港市場領導地位,目標價10.2港元,意味有31%的潛在上行空間。該行認為公司是內地中產消費力提升的主要受惠者,相信公司可繼續搶佔市場份額並透過多品牌策略及多元化產品跑贏同業,認為其股價自2019年高位回落10%已反映香港市場方面的影響,估計周大福2020至2022年盈利年複合增長可達17%,而其股息率達5%亦將帶動估值重評。
該行指出公司在內地積極拓展,認為受惠滲透率增加及市場整合,周大福未來數年可維持每年淨增500至600個銷售點的步伐。而在香港市場方面,該行估計其營運將在2020財年見底,估計2020財年同店銷售將按年跌37%,但對其成本結構方面的轉變影響則有限,因為公司於香港有逾80%是固定開支,展望將來料香港市場銷售仍然疲弱,但部分影響或被員工及租金成本下降所抵銷,認為公司或將關閉部分分店,同時亦有機會獲減租。

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