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《大行报告》汇丰研究升六福(00590.HK)评级至「买入」 上调目标价至19.7元
阿思达克 06-29 10:07
汇丰研究发表研究报告,指六福(00590.HK)2020财年下半年的收入下跌38%,跌幅大於该行估计的29%。盈利按年下跌55%至3.7亿元,少过该行预期的6.7亿元,主要是由於销售及持有的黄金收益少过预期所致。然而,公司将其全年派息比率上调至67.8%,宣布派末期息0.5元,令全年的派息达1元,仅按年下跌13%。

该行引述管理层指,港澳区的同店销售表现在6月份收窄至跌60%,有别於3至5月份的跌80%。中国内地的同店销售跌幅在6月份收窄至跌少於20%,有别於4至5月份的跌20%,及3月份的跌40%。该行认为在今年余下时间的复苏表现仍存在不确定性。

该行预期,2021财年港澳地区的收入将会有另外33%的跌幅,而公司的零售收入将会下跌34%,集团整体收入则有26%跌幅。因此,港澳地区及零售收入在整体营业利润中的占比将会分别下跌至15%及12%。在中国内地市场方面,公司现时聚焦在特许经营店及电商模式。该行相信,公司重新平衡在中国内地的增长策略,有助提升其在区内的知名度及盈利能力。

考虑到租金减免及政府在2021财年共5,000万元的资助,该行现预期公司2021财年的盈利按年下跌18%,收入下跌26%。及至2022财年,营业利润料将会回到2019财年的水平,而港澳地区的营业利润率将会在届时回到中高单位数的正常水平。该行将公司的投资评级由「持有」调高至「买入」,目标价由原来的16.6元上调至19.7元。

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