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《大行报告》摩通降周大福(01929.HK)、六福(00590.HK)、周生生(00116.HK)评级至「中性」 吁趁高锁定利润
阿思达克 05-18 10:51
摩根大通发表研究报告,指受惠稳固需求复苏,过去数季比较基数较低,以及店铺积极复业,该行覆盖的珠宝股本年至今累升25%,同期MSCI中国非必需消费品指数则跌15%。不过,由於增加店铺竞争趋激烈,自7月起比较基数上升,下调所有四家覆盖珠宝股投资评级由「增持」降至「中性」,包括周大福(01929.HK)、六福(00590.HK)、周生生(00116.HK)及老凤祥(600612.SH),并调整目标价见另表。

该行重申相对偏好周大福,维持对其长远增长轨迹正面看法,但由於大部分正面催化剂已反映,料短期下行风险大於潜在上行空间。该行建议趁高锁定利润。

摩通续称,本港与内地潜在放宽出境限制料利好投资情绪多於基本面。该行认为,本年较後时间放宽限制对香港零售销售的提振或未及市场预期,由於旅客数量复苏或需时。此外,所有覆盖珠宝股亦扩大内地业务敞口,摊薄了本港需求。该行料放宽限制对利福国际(01212.HK)及莎莎国际(00178.HK)的利好或大於珠宝股。

再者,报告称,随着更多品牌加快店铺扩张,未来一年增铺或更具挑战性。摩通重申领导品牌如周大福及老凤祥可带来稳固客流扩张,但在去年基础上进一步加快料有难度。

摩通补充,利润扩张取决於产品组合改善,如果金价不再像去年般急升,料所覆盖珠宝股毛利率不会强劲扩张。此外,未来12个月经营杠杆料放缓,源於收入增长放慢。该行料仅具有强劲钻饰产品线珠宝股如周大福可以维持毛利扩张。

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