富瑞:維持周大福(1929.HK)“買入”評級 目標價8港元
富瑞發佈報告稱,維持周大福(1929.HK)“買入”評級,目標價8港元。
該行稱,周大福截至去年12月底止第三財季表現略勝於預期,尤其是香港同店銷售趨勢,內地淨開店數量及商品交易總額增長等方面。由於人民幣升值,1月至今同店銷售趨勢表現也強勁。
該行稱,周大福第三財季內地同店銷售略低於該行預期,而低線城市表現遠勝於高線城市。期內,黃金產品銷量有所收窄,但是近期金價急升,或會抑制部分購買需求。儘管第四財季仍面臨挑戰,但管理層預期珠寶首飾同店銷售可平穩,目標全年同店銷售增長預計由低單位數增長。
對於香港市場,該行認為,在聖誕節及較少地鐵站關閉的影響下,去年12月香港澳門銷售預計較10月及11月跌41%有好轉,預期跌幅收窄至23%。而管理層維持其計劃,預計到2021財年將關閉逾15間店鋪,由於金財年需要續租的店鋪為數不多,公司預期全年租金成本將同比減少10%。

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