《大行報告》摩通:周大福(01929.HK)中期業績或遜市場預期 評級「減持」
摩根大通發表研究報告指,周大福(01929.HK)股價在過去一個月持續波動,主要由於市場對上半財年業務預期喜憂參半,加上香港與內地通關見進展,以及美國基建法案通過後預期金價可能反彈等因素。
該行表示,重申周大福上半財年業績可能會遜於預期,同時擔心明年黃金和珠寶需求放緩及遭到蠶食,雖然對周大福的商業模式和多品牌戰略持良好看法,預期長遠有助鞏固市場地位,但認為門店擴張計劃進取將為公司帶來短期下行壓力。
摩通維持對周大福的「減持」評級評級,認為競爭激烈及潛在需求放緩將繼續影響周大福未來3至4個季度的業績表現,予目標價13.5元,對應一年遠期預測市盈率約19倍。
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