《大行報告》裏昂下調周大福(01929.HK)目標價至18.6元 評級「跑贏大市」
裏昂發表報告指,周大福(01929.HK)2022上半財年業績符合預期,但盈利能力略低於該行預期,將2021至2023財年各年盈利預測分別微調8%、6%、6%,以反映利潤率的稀釋,維持「跑贏大市」評級,但將目標價由19.6元降至18.6元。
裏昂預計,2022財年第四季,在主要節日期間送禮需求增加的推動下,內地市場的珠寶套裝銷售將出現一些反彈。而管理層指引爲2022年批發收入增長70%,內地收入增長30%至40%以及高單位數的同店銷售增長。
裏昂指,港澳第三財季至今增長勢頭有所減弱,周大福預計2022年下半財年錄單位數同店銷售增長,因受到香港本地消費復甦和澳門旅遊限制逐步放寬的支持。
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