《大行報告》里昂下調周大福(01929.HK)目標價至8.3元 評級維持「買入」
里昂發表研究報告,指出在周大福(01929.HK)2020財年業績中看到內地市場出現初期復甦跡象,如果在今年第三季出現大規模復工的話,情況或會加快。中國市場4至5月份的同店銷售復甦至按年跌15.4%。按零售額計算,按年減少3%,相信會在未來數月恢復增長。在強勁的2020財年表現後,雖然受到疫情影響,但相信開店數目會維持在400至450間的穩定水平。該行的渠道調查顯示,婚禮等大型活動很有可能在9月或10月份左右恢復,將釋放一些被壓抑的需求。
報告稱,周大福香港及澳門市場的同店銷售在4月及5月份惡化,按年下跌80.2%,部分原因是入境遊客的檢疫要求及社會隔離措施。然而,該行預期銷售的表現將會在非常低基數下有改善,並在檢疫措施放寬及宣布進一步的刺激政策時有上升空間。
該行認為周大福的現金流及收益率看來穩定,重申「買入」投資評級,目標價由原來的8.4元下調至8.3元,並將其2021至2023財年各年盈利預測分別下調23%、7%及6%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.