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《大行報告》麥格理降周大福(01929.HK)評級至「中性」 目標價上調至16元
阿思達克 06-09 10:22
麥格理發表的研究報告指,周大福(01929.HK)2021財年收入702億元,按年升23.6%,純利升107.7%至60億元,較該行預期高17.1%及38.1%,主要受惠同店銷售增長強勁及內地分店擴張等,該行將公司2022-23財年盈利預測升21%及23%,以反映強勁的同店銷售表現,目標價由13.3元升至16元,不過就將評級由「跑贏大市」降至「中性」,估計增長勢頭在2021下半財年見頂。

該行指出公司的同店銷售增長指引反映2022下半財年將減緩。在內地市場方面,管理層指引2022財年同店銷售增長將為中至低單位數,主要因為2021財年基數較高。公司目標開設700家以上的內地分店,但主要是在低線城市的特許經營店。在香港及其他市場方面,管理層指引上半財年同店銷售將回復至2020上半財年的70-80%水平,而下半財年則可復甦至2020下半財年的80-90%水平,而今年4-5月集團內地及香港的同店銷售分別按年增49.3%及159.7%。

對於2022財年管理層相信毛利率將正常化,其中內地市場毛利率料介乎27-28%,而香港及其他市場毛利率則為25-26%水平。另外公司2021財年無宣派特別息,主要因為管理層相信疫情仍存在不確定性,公司傾向預留更多現金作流動性緩衝以及在內地擴張,管理層亦指廣東疫情反覆對供應鏈無影響。(el/u) ~

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