高盛:維持周大福(1929.HK)中性評級 目標價14.2港元
高盛發表研究報吿表示,將周大福(1929.HK)目標價由14.3港元微削至14.2港元以反映新的盈利預測;維持“中性”評級。
周大福在發佈半年業績後,高盛將2022-24年核心營業利潤預測下調2-11%,以反映港澳復甦放緩和毛利率疲軟,積極的擴張抵銷部份影響。考慮到毛利率壓力,三、四線的積極滲透率,導致不利的黃金組合,預計內地業務核心營業利潤率在11-12%,周大福通過管理成本,支持中國低線城市擴張戰略穩健增長,但仍然考慮到宏觀不確定性和有限的估值上行機會。
該行表示,展望未來雖然黃金情緒繼續支持同店銷售,但認為其可持續性存在風險,因為部分是投資需求驅動。寶石鑲嵌的恢復儘管宏觀不確定性帶來壓力及和競爭。從積極的方面來看,香港關口或會在2022年重新開放,完整的中國擴張可能會繼續支持市場份額增長和健康的利潤增長。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.