《大行報告》摩通下調周生生(00116.HK)目標價至10.5元 評級「增持」
摩根大通發表報告表示,在新型肺炎疫情下,周生生(00116.HK)今年1至2月銷售按年下跌約45%,情況與同業相若,至於內地店舖於3至4月間已逐步恢復營業,帶動公司業務有改善。
不過報告補充,由於本港業務佔周生生銷售比重達40%,而目前來港旅客人數仍然減少,故管理層預期香港業務近月改善空間有限,該行相信公司會持續對中港業務進行調整,由於周生生數部店舖透過自營模式經營,故速度會較同業慢。該行料其今年收益會按年下跌11%,而在低基數影響下,下半年表現會有所改善;料今年持續經營溢利按年跌18%,故將其目標價由13.5元降至10.5元,維持「增持」評級。
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