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《大行報告》麥格理上調六福(00590.HK)目標價至29元 評級「跑贏大市」
阿思達克 09-14 09:46
麥格理發表的報告指,雖然六福(00590.HK)之前發盈警,料首財季收入及盈利將分別跌六成及八成,但該行認為最差的情況已過去,預期表現將有改善。同時估計公司將受惠金價趨勢,並將帶動毛利率表現,故料盈利會在2021上半財年見底,盈利料跌64%,之後就會轉正。該行將公司目標價由20.4元升至29元,評級「跑贏大市」,相信盈利復甦將帶動重估。

該行指出公司內地自營及加盟店同店銷售有改善,6月僅呈低單位數跌幅,估計趨勢將在7-8月持續,帶動整體收入恢復增長,而香港市場仍然不穩,7月表現較6月轉差,但8月份表現又有所改善。值得留意的是澳門市場,自內地開放廣東旅客簽注後,留意到婚嫁需求帶動鑽石方面的表現,另外中國其他地方簽注將於9月23日起重開,管理層估計澳門於十一黃金周將現強勁復甦。

該行估計公司毛利率將繼續擴張,主要受惠金價走勢,估計金價每升10%,公司盈利就會升6%,管理層估計受惠香港租金下調,租金開支將現雙位數跌幅,另外上半及下半財年亦將分別有4,000萬元及3,000萬元的政府補助入帳。公司計劃內地及澳門將分別淨增200家及2家分店,而香港則關閉5家。(el/k) ~

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