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《大行報告》野村下調六福(00590.HK)目標價至17.1元 評級「中性」
阿思達克 04-20 10:20
野村發表報告指,六福(00590.HK)早前公布第四財季經營數據,認為截至目前為止4月份香港業務仍無復甦跡象,考慮到六福對香港市場的依賴程度較高,相信其復甦會較周大福(01929.HK)慢。

報告指,六福截至3底止第四財季港澳門及中國區同店銷售分別下降60%及41%,較今年首兩個月跌53%及37%跌幅擴大,內地特許商店期內同店銷售亦跌32%;電商平台銷售額則持平。

野村指,隨著大多數商店在3月恢復營業,內地業務4月首兩星期已開始回暖,但香港業務則繼續受壓,預期2021財年香港及中國同店銷售將分別下降4%及升10%。考慮到香港區業務佔2020上半財年總銷售額的58%,而周大福僅佔30%,相信六福的復甦速度較慢,因此將其2020至2022財年盈利預測下調25%至39%。

不過,該行指,現時六福2021財年市盈率為約9.6倍,比歷史平均水平低1個標準差,遂下調目標價,由23.7元降至17.1元,對應2021財年約10倍市盈率,維持「中性」評級,表示周大福仍為行業首選。

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