《大行报告》大和下调利福国际(01212.HK)目标价至9元 评级「买入」
大和发表研究报告指,利福(01212.HK)去年纯利升12%至18.9亿元,收入跌18.7%至35.4亿元,主因录7.4亿元投资收益。撇除一次性项目,核心盈利跌18.2%至16.3亿元。公司不派末期息,以换取长远财务灵活性,相信近期股价回调已利好其风险回报率,股价亦可受铜锣湾物业价值的支持。该行指,在新型肺炎疫情发生前,管理层见业务转稳定,而目前铜锣湾店的表现较尖沙咀好,因产品和顾客组合都较优,有更多家用产品吸引本地消费。而在近期疫情情况,公司需要优化架构、改善网上平台策略,及发展启德项目以达至长远增长。该行降利福2020-21年收入和纯利预期分别21-37%及23-46%,以反映疫情对同店销售及优惠价格,及计入2022年数字预测,目标价由12.3元降至9元,评级「买入」不变。
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