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野村:重申對周大福(1929.HK)買入評級 目標價12.7港元
格隆匯 11-25 12:37

野村發表研究報告指出,雖然受到疫情影響,但周大福(1929.HK)中期業績依然理想,毛利率擴大5.4個百分點,預料下半年度毛利率會恢復至28%的正常水平,重申買入評級,目標價為12.7港元,即較昨日收市價仍有上行31%的空間。

野村指出,周大福截至9月底止中期純利按年上升45.6%至22億港元,雖然收入下跌16.5%,但毛利率卻擴闊至33%,營運溢利幾乎全部來自內地業務,港澳營運盈利僅約2800萬港元。

野村報告指,周大福內地業務方面,相對於去年下半年低基數,估計今年下半年度同店銷售增長會加快至30%。野村又預估全年度港澳銷售會下跌36%。

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