You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》野村下調六福(00590.HK)目標價至16.7元 評級「中性」
阿思達克 06-29 10:07
野村發表研究報告,指六福(00590.HK)2020財年的業績好過預期,主要是由於毛利率表現較預期好。收入按年下跌29.2%至112.34億元,港澳區及中國內地的同店銷售分別按年下跌33%及20%。期內,盈利按年下跌42%至8.66億元,毛利率擴張4.2個百分點至29.6%,主要是由於金價上升所致。

該行指,香港的同店銷售表現在4至5月份下跌70至80%。根據管理層所述,6月份的表現有輕微改善,下跌幅度介乎50至60%。由於仍缺少入境遊客,相信本地市場不會有顯著復甦,公司計劃在2021財年在港關閉5間分店。管理層預期2021財年的續租金有雙位數跌幅。該行估計港澳區2021財年的同店銷售下跌30%。

至於在2021財年首季,中國自營店的同店銷售下跌60%以上,特許經營店則下跌20%。另外,公司將開新店的速度由以往的每年約200至300間,放慢至未來三年每年約200間。該行相信,公司的零售表現欠佳以及減慢開新店速度將會失卻市場分額,料公司2021財年的中國同店銷售下跌20%。

該行指,因應公司2021財年首季的中國市場表現跑輸大市,以及對香港市場的依賴較重,令其表現弱於其他珠寶商。由於其所需的復甦時間較其他同業長,因此該行將其2021及2022財年每股盈利預測分別下調23%及16%。目標價由原來的17.1元下調至16.7元,維持「中性」投資評級。

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.
uSMART
Wealth Growth Made Easy
Open Account