《大行報告》摩通下調周大福(01929.HK)目標價至8.5元 盈利遜惟派息勝預期
摩根大通發表報告指,周大福(01929.HK)公布2020財年全年業績,雖然盈利表現遜預期,但派息及管理層對2021財年的指引則勝該行預期。
該行表示,集團2020財年的核心經營利潤低於該行預期11%,主要由於銷售遜預期(第四財季佔全年收入僅20%,對比上財年同期為佔34%)。雖然業績疲弱,但周大福計劃2020財年派發62億元股息,為年度經營現金流逾80%,並超過年度盈利一倍,管理層亦預期因資本運用改善,2021財年的派息將進一步增加。該行相信其派息有驚喜,市場料有正面反應。
摩通下調周大福股份目標價,由9元降至8.5元,評級維持「增持」。該行相信,集團毛利率較高的內地業務有更強勁增長,可稀釋香港示威活動潛在恢復帶來的負面影響。
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