美銀:降周大福(1929.HK)評級至中性 目標價升至19港元
美銀髮表研究報吿指,周大福(1929.HK)的股價由年初至今累升75%,該行將其評級降至中性,但上調目標價16%至至19港元,相信集團的穩健增長預測已經反映,基於預期同店銷售增長放緩及利潤率壓縮,相信其未來12個月的股票上漲空間有限。
美銀指,得益於內地中產階層對“輕奢侈品”的購買力上升、來自珠寶運營商的市場份額增加,以及強勁的執行能力,集團仍具有長期增長潛力。該行分別上調公司2022及2023財年的每股盈測2%和3%,以反映4至6月內地穩健的同店銷售增長。
美銀估計,鑑於市場競爭激烈,過渡需求可能減弱,故此未來6-9個月,周大福的內地同店銷售增長或會放緩,估計2022財年餘下三季將轉跌,令全年度同店銷售增幅只有4%。

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