野村:升周大福(1929.HK)目標至9.9港元 維持買入評級
野村發表研究報告指出,周大福(1929.HK)約72%銷售及90%營業利潤來自中國大陸,相信該公司將較其香港同業更能受惠於內地市場復甦,因此上調周大福2021-23年度盈利預測10-12%,以反映內地業務反彈和香港營運開支減低的影響,目標價由89.港元調升至9.9港元,評級維持買入。
報告指出,周大福內地同店銷售表現由2021年度首財季下跌11.2%,回升至7-8月約5%的增長,主要因為新店開張,而各條產品線的平均售價亦見增長,抵銷了商品價格上升令金飾銷售轉淡的影響。野村有信心周大福下半年可持續復甦勢頭,將內地同店銷售增長預測微升至18%。周大福有信心可以實現2021年度內地新增400-450間店舖的目標。
報告出,封關令香港7-8月銷售表現持續受壓,估計銷售跌幅會由首季的75.5%收窄至第二季的大約60%,預期今年香港成本可以明顯節省。考慮到商品價格走勢和產品組合改善後,野村估計,周大福全年度毛利率可以升至30.6%。

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