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《大行報告》野村上調周生生(00116.HK)評級至「買入」 目標價大升至16.1元
阿思達克 03-29 15:38
野村發表研究報告將周生生(00116.HK)評級由「中性」上調至「買入」,目標價由8.1元近倍升至16.1元。報告稱,公司加快在中國內地擴張。內地銷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財年內地業務經營溢利率擴大2.7個百分點至14%。

報告稱,公司展開了許多新品牌(Promessa、Mintygreen及Oasis by CSS等),以搶佔不同類型市場,主攻年輕客戶群。考慮本年至今需求快速復甦,公司計劃2021財年在內地淨增加100家門店(周生生及新品牌各佔半)。

野村表示,周生生今年首兩個月內地銷售較2019年同期錄強勁雙位數增長,在積壓需求及金價下跌下,黃金及珠寶銷售造好。該行上調周生生2021財年同店銷售增長預測至40%。香港及澳門今年首季料續承壓。港澳銷售跌幅由去年上半年跌46.4%收窄至下半年的18.2%。管理層指引在缺少旅客下,首季銷售較2019年同期續錄雙位數跌幅,並計劃縮減現時香港65家門店的規模。

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