《大行報告》大和升周大福(01929.HK)目標價至19元 重申「買入」
周大福(01929.HK)昨(23日)收市後公佈截至今年9月底止2022財年上半財年業績,今早(24日)曾挫14.7%一度低見14.52元,創三個月低。大和發表研究報告,指周大福上半財年收入按年升79%至442億元,核心經營溢利升10%至45億元,純利按年升60%至36億元,派中期息每股22仙,派息比率61%。
大和稱,以周大福現時開店進度計,正邁向至2025財年銷售點逾7,000個的目標,不過,公司正進入高基數具挑戰時期,特別是第四財季。在截至明年3月底止下半財年,周大福管理層預期內地同店銷售增長在高基數下錄高單位數下跌,惟料內地批發收入按年增30%至40%,亦料本港及澳門同店銷售錄中單位數增長。
至於2022全財年計,周大福管理層預期內地同店銷售增長達高單位數,本港及澳門同店銷售則按年升30%以上。該行上調周大福2022財年至2024財年每股盈測介乎1%至5%,以反映內地銷售點增加的預期,重申予「買入」評級,目標價由18.5元升至19元,相當2022財年至2023財年綜合市盈率25倍。
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