富瑞:維持周大福(1929.HK)持有評級 目標價上調至15.8港元
富瑞發表研究報吿表示,周大福(1929.HK)2021財年的核心營業利潤符合該行預期,其銷售及淨利則勝預期。管理層繼續其滲透策略,計劃於2022財年在內地淨店增長逾700間。該行將集團目標價由14港元上調至15.8港元,維持持有評級。
該行表示,集團的銷售額勝預期,但被較低的毛利率所抵銷,尤其是在2021財年下半年,受產品組合和更高的特許經營組合影響,而淨利則受惠於對沖收益和較低的利息成本。
由於疫情爆發導致2021財年的季度波動,管理層保守地預期2022財年本港同店銷售增長30-40%。另外,由於特許經營業務的銷售組合增加和金價上漲較少,管理層料內地在2022財年的毛利率約為27%。該行並將公司2022及23財年盈利預測分別調升18%及13%。

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