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《大行報告》摩通:周大福(01929.HK)盈利令人失望 進取門店擴張策略存風險
阿思達克 11-24 11:17
摩根大通發表報告表示周大福(01929.HK)公佈2022財年上半年盈利令人失望,料市場同業將會下調對其預測,估計周大福股價會受壓。 該行指,周大福核心營運溢利僅按年升10%,雖然期內收入升80%,指其經調整毛利率及銷售行政開支比率均弱於該行預期,相信是因競爭和對加盟商增加補貼以確保開店數量所致,該行認爲,如果需求停滯,公司進取的門店擴張策略存在風險,重申對周大福2022財年下半財年收入增長放緩存有擔憂。 摩通認爲,由於周大福強勁的收入趨勢,令境內投資者收集其股票,當公司盈利呈疲軟時或令相關資金改變立場以沽售,該行維持對周大福「減持」評級及目標價13.5元。
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