《大行報告》匯豐研究下調六福(00590.HK)目標價至23.2元 評級「持有」
匯豐研究發表研究報告指出,六福(00590.HK)截至今年9月底止第二財季之香港及內地零售銷售表現高於預期,估計其上半財年於內地的零售銷售額按年增長56%及同店銷售增長40%,且有望實現其淨增350間店的目標;另港澳市場銷售額有望按年升110%,回復至2019年上半財年49%的水平。
報告補充,強勁的增長主要受黃金產品而推動,估計公司黃金產品收入佔比將由2021財年上半年的38%,增至2022財年上半年的46%。
該行上調六福2022至2024財年的收入預測10%、7%及9%,惟下調上述財年之盈利預測5%、12%及10%,以反映黃金產品佔比增加而拖累整體毛利率的因素,目標價相應由29.7元下調至23.2元,維持「持有」評級。
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