《大行報告》美銀證券上調周大福(01929.HK)目標價至9元 對本財年內地業務復甦前景正面
美銀證券發表的研究報告指,周大福(01929.HK)2020財年核心經營溢利57億元,按年跌18%,差過該行預期,主要因為期內毛利率較低加上銷售、一般及行政開支較高,期內收入跌15%至570億元,較該行預期高2%,公司宣派末期息每股12港仙,較該行預測少1港仙,全年計派息比率83%。
管理層預期2021財年內地收入將增長25%左右水平,而同店銷售亦有15%左右的增長,而香港則料將跌25-30%,總體而言管理層預期整體收入將升10%。而在同店銷售增長方面,內地5月及6月以來同店銷售跌幅已見收窄。管理層估計2021財年將淨增加400-450個銷售點。而在租金成本方面,香港將有40家分店需要續租,公司在香港將關閉10-15家分店,而其餘的25-30家分店則料會有25-40%的租金減幅,而在員工成本方面,公司將申請政府的「保就業計劃」,公司共有3,000名員工,料每月可獲2,700萬元。
該行將公司2021及22財年每股盈測分別升15%及5%,目標價由8.6元升至9元,以反映管理層對前景看法正面以及來自「保就業計劃」的支持,料2021財年收入及核心盈利將分別升7%及8%,重申「買入」評級,認為估值吸引。(el/k) ~
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