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《大行報告》大和下調利福國際(01212.HK)目標價至9元 評級「買入」
阿思達克 03-10 09:50
大和發表研究報告指,利福(01212.HK)去年純利升12%至18.9億元,收入跌18.7%至35.4億元,主因錄7.4億元投資收益。撇除一次性項目,核心盈利跌18.2%至16.3億元。公司不派末期息,以換取長遠財務靈活性,相信近期股價回調已利好其風險回報率,股價亦可受銅鑼灣物業價值的支持。該行指,在新型肺炎疫情發生前,管理層見業務轉穩定,而目前銅鑼灣店的表現較尖沙咀好,因產品和顧客組合都較優,有更多家用產品吸引本地消費。而在近期疫情情況,公司需要優化架構、改善網上平台策略,及發展啟德項目以達至長遠增長。該行降利福2020-21年收入和純利預期分別21-37%及23-46%,以反映疫情對同店銷售及優惠價格,及計入2022年數字預測,目標價由12.3元降至9元,評級「買入」不變。
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