《大行報告》花旗上調六福(00590.HK)目標價至18.1元 業績及派息優於預期
花旗發表研究報告,指出六福(00590.HK)2020財年的盈利按年下跌42%至8.66億元,好過該行預期,主要是受惠於毛利率表現優於預期,以及銷售及行政開支少過預期所致。收入按年下跌29%,大致符合該行預期。雖然盈利下跌,但公司仍宣布派發末期息每股0.5元,超出市場預期。維持公司「買入」投資評級,該行調整2021至22年盈測-0.6%及+5.4%,目標價由原來的15.8元上調至18.1元。
該行指,香港區4月至5月份的同店銷售表現進一步惡化至跌70%,但在6月份的首三周收窄至跌50%。在中國內地,自營店的同店銷售在4月份至6月份首三周大幅下跌60%,大部分店舖位於武漢及北京;特許經營店的同店銷售表現則下跌大約20%,在6月份首三周有輕微改善至少於20%跌幅。
該行引述管理層指,計劃在中國以特許經營店模式為六福品牌開最少150間新店,以及為新品牌開50間新店,目的是進一步擴大在低線城市的網絡。另外,會將35間自營店轉換為特許經營店,以及在澳門多開2間店。然而,會在香港關閉5間分店。管理層料2021財年的續租租金有雙位數跌幅,並希望在未來維持經營利潤率在11至13%。
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