《大行報告》高盛上調周大福(01929.HK)目標價至10.5元 評級「中性」
高盛發表研究報告指,周大福(01929.HK)上半財年銷售跌16%,但純利增46%至22億元,主因毛利改善所致。內地在10月1至11月18日,維持低雙位數同店銷售增長;而港澳同店銷售跌幅收窄至24%。
該行指,下半財年公司港澳的同店銷售將因去年基數低而只有較溫和跌幅,但仍預期旅客消費仍然淡靜,直至2021年9月,並於2022財年下半年才逐步回復至疫情前50-60%水平。
該行表示,公司內地業務較正面,為集團貢獻全部核心經營溢利,主因需求重臨和積極開店,認為現價估值合理,維持「中性」評級,目標價由7元升至10.5元。
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