《大行报告》野村上调周生生(00116.HK)评级至「买入」 目标价大升至16.1元
野村发表研究报告将周生生(00116.HK)评级由「中性」上调至「买入」,目标价由8.1元近倍升至16.1元。报告称,公司加快在中国内地扩张。内地销售由去年上半年按年倒退28.6%,改善至下半年按年增10.4%;2020财年内地业务经营溢利率扩大2.7个百分点至14%。
报告称,公司展开了许多新品牌(Promessa、Mintygreen及Oasis by CSS等),以抢占不同类型市场,主攻年轻客户群。考虑本年至今需求快速复苏,公司计划2021财年在内地净增加100家门店(周生生及新品牌各占半)。
野村表示,周生生今年首两个月内地销售较2019年同期录强劲双位数增长,在积压需求及金价下跌下,黄金及珠宝销售造好。该行上调周生生2021财年同店销售增长预测至40%。香港及澳门今年首季料续承压。港澳销售跌幅由去年上半年跌46.4%收窄至下半年的18.2%。管理层指引在缺少旅客下,首季销售较2019年同期续录双位数跌幅,并计划缩减现时香港65家门店的规模。
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