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《大行報告》大摩首予周大福(01929.HK)「增持」評級 目標價17元
阿思達克 06-04 13:05
摩根士丹利發表研究報告,首予周大福(01929.HK)「增持」評級,目標價17元,相當於未來12個月預測市盈率23倍,建基於內地珠寶市場結構增長展望;公司正透過輕資產模式及可負擔產品,調節其內地市場策略,提振增長;香港及內地未來復關料支持2022至2023財年收入增長。

報告表示,周大福潛在短期催化劑,包括將於下周二(8日)公布2021財年業績勝預期;在港府消費券計劃下本地奢侈消費增長;以及香港與內地復關。大摩料周大福2021財年收入按年升15%,2021財年下半年收入料按年大升49%,主因內地疫情放緩後消費復甦;另在低基數及缺乏旅客下,港澳市場收入料溫和按年下滑2%。

大摩料周大福2021財年純利按年升89%,受惠經營槓桿及更高政府補貼。2021財年下半年純利按年料升138%。該行料周大福2020至2023財年收入年均複合增長17%,同期純利年均複合增長料41%。大摩料周大福淨利潤率續擴張,由2021至2023財年料擴至介乎8.4%至9%,高於2018至2019財年的6.9%(撇除2020財年因疫情干擾)。主因經營槓桿,較低租金及員工成本結構的內地業務敞口較大,以及疫情下成本控制支持中期盈利能力。

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