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《大行報告》花旗上調六福(00590.HK)目標價至29.2元 評級「買入」
花旗發表研究報告指出,六福(00590.HK)2022財年上半年錄得收入增長67%至56億元,純利升125%至6.54億元,超出該行預期,並認爲公司與周大福(01929.HK)不同,沒有將黃金銷售記入批發收入之中,因此金價疲弱及強勁的黃金銷售並未轉化爲公司的經營利潤率。 此外,六福的經營槓桿方面,該行認爲內地零售銷售復甦,與零售市場金價和產品結構變化帶來的毛利率收縮有所抵銷。加上香港及澳門市場好轉,集團於2022財年上半年的核心經營利潤率提升0.4個百分點,至14%。基於公司穩健的復甦前景,維持對其「買入」評級,目標價由28.1元上調至29.2元。
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