You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》高盛上調周大福(01929.HK)及六福(00590.HK)目標價 偏好六福指估值吸引
阿思達克 05-28 13:37
高盛發表研究報告,指周大福(01929.HK)及六福(00590.HK)將於6月刊發截至今年3月底止全財年業績,該行料周大福下半財年銷售、經調整經營溢利及純利分別按年升55%、109%及131%,六福下半財年則按年升13%、28%及39%。特別是,由於同店銷售增長勝預期及加快擴張,料周大福將勝過原先下半財年銷售按年增長40%至50%,以及內地經營利潤率11%的指引,另其由於黃金產品組合佔比增加帶來毛利收縮,料受正面經營槓桿所抵銷。至於六福方面,報告稱,即使上財年內地新店擴張延後,料在毛利率壓力下,其嚴謹成本控制將支持經營利潤率按年擴張。

進入2022財年,該行指首財季至今內地消費情緒仍強勁,料需求重返及金價利好將支持上半財年增長動力,直至下半財年面對較高基數。報告稱,兩企香港業務因尚未復關及消費情緒低迷受壓,料今財年在可比基數進一步下滑下將走出谷底。該行現估算今年第四季本港將局部復關,在去年首季旅客消費將復甦至疫情水平的34%。考慮六福及周大福在2020財年疫情前港澳業務經營溢利貢獻佔比分別達30%及10%,高盛認為六福是押注香港零售復甦的更佳替代品,並偏好六福多於周大福,源於估值吸引。

高盛上調周大福2021至2023財年純利預測10%至14%,以反映在強勁同店銷售增長勢頭及更進取的門店擴張下,內地業務展望改善,以及黃金產品佔比擴張下毛利率收縮,以及港澳同店銷售復甦押後,並上調估值基礎,由2022財年預測市帳率3.7倍上調至4.1倍,以反映最新同業估值,目標價由10.5元升至12元,評級「中性」。

報告另上調六福2021至2023財年純利預測1%至6%,並上調估值基礎,由2022財年預測市帳率1.3倍上調至1.4倍,以反映最新同業估值,目標價由24元升至26元,維持評級「買入」。該行偏好六福,現估值僅相當2022財年預測市帳率1.2倍,而周大福則是4.9倍。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account