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《大行報告》匯豐研究上調周大福(01929.HK)目標價至18.5元 評級「持有」
阿思達克 11-24 15:27
匯豐研究發表研報指,周大福(01929.HK)上半財年內地批發業務強勁增長,相關收入按年升幅達144%,高於該行預期的74%,帶動營業額按年增長79%,亦較該行預期的59%表現優勝。 報告指出,周大福期內新店開業數量及同店銷售增長(SSSG)顯着,核心經營利潤亦較預期高3.3%,但由於調整後毛利率收窄至23.5%,導致核心經營利潤僅按年增長9.6%。該行解釋,主要由於上半財年未錄得持有黃金價值收益,以及期內收入組合轉變所致。 匯豐研究表示,中期股息派22港仙,派息比率爲61%。未來主要潛在催化劑是2022財年會否派發特別股息。該行表示,繼續看好公司增長前景,預期下半財年收入將增長7%,2022至2024年淨利潤複合年增長率達19%,將目標價由18.2元提升至18.5元。
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