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《大行報告》匯豐研究下調六福(00590.HK)目標價至16.6元 料復甦之路慢長
阿思達克 04-28 14:02
匯豐環球研究發表報告表示,六福集團(00590.HK)2020財年第四財季(截至今年3月底)同店銷售增長下跌57%。該行料六福現時預期下半財年收入按年跌29%,但相信純利僅按年下跌19%,主要是受惠於黃金庫存的潛在持有受益。及至2021財年,該行預期公司收入按年跌28%,港澳地區跌47%,而中國內地業務則跌6%;純利料按年下跌42%。

該行指,即使疫情受控,但由於宏觀經濟對大額消費的影響並未消散,珠寶的需求不會很快回復。該行還認為,香港及澳門的復甦情況會進一步落後於中國內地,現預期公司2020至2022財年的港澳地區收入的年複合增長率為跌15%,而中國內地則增13%。

對於未來12個月,匯豐環球研究預期六福增長及毛利率的可見度很低。在2020財年,內地的許可及批發業務佔其整體營業溢利50%,並有較高的毛利率。該行現時預期六福2020至2022財年的特許商店的年複合增長率仍可達11%。如果特許經營業務的增長超過該行預期,或是潛在重新評級的催化劑。該行目前維持六福「持有」投資評級,目標價由原來的19.9元下調至16.6元。

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