《大行報告》野村降周大福(01929.HK)評級至「中性」 目標價下調至13元
野村發表研究報告指出,周大福(01929.HK)2022財年第三季的零售銷售按年增長31.1%,主要由於季內淨開設470個零售點,令批發銷售激增65.2%。該行認爲周大福的利潤繼續令人失望,將其評級由「買入」下調至「中性」,目標價由20.4元削至13元。
該行指出,周大福中國同店銷售主要由於黃金產品推動,但季內內地珠寶鑲嵌類別的同店銷售下跌8.9%,令內地同店銷售增長由上一季的57.7%放緩至10.7%。香港及澳門的同店銷售增長由上季的23%放緩至14.4%,其珠寶鑲嵌類別的同店銷售下跌19.4%。
此外,野村指周大福開店數目續超出該行預期,導致將其2022財年的新店預測,由700家上調至1,200家,而管理層仍有信心在2025財年前實現7,000個銷售點的目標。
野村認爲,周大福中國去年12月21日錄得好過預期的銷售,相信強勁勢頭將持續至今年1月22日,因此該行上調2022財年對其同店銷售預測,由10%升至13%。
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