《大行報告》摩通下調周大福(01929.HK)評級至「減持」 目標價維持13.5元
摩根大通發表報告,將周大福(01929.HK)股份評級由「中性」降至「減持」,目標價維持13.5元。該行相信,買方(特別是南下基金)對集團盈利增長的預期是過於樂觀,無法支撐其過高的估值(一年預測市盈率為24倍,對比同業僅單位數至逾10倍)。
該行表示,集團有關風險包括近期股份走強;向好的銷售指引是回顧2022財年上半年的銷售趨勢,而非展望下半財年。另外,集團上半財年的盈利增長亦未必如預期般強勁。
再者,摩通估計周大福未來兩季面對的負面因素會多於正面,包括珠寶類產品銷售趨勢走弱、黃金類產品及開店的基數較高、競爭劇烈及消費者情緒轉弱。該行建議投資者逢高賣出,對於長期看好周大福的投資者,則應等待更好的買入點。
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