大和:重申利福國際(1212.HK)買入評級 目標價下調至6.3港元
大和發表研報表示,利福國際(1212.HK)去年錄得13億港元(下同)虧損,虧損主要由於投資於內地房企錄得22.8億元的未變現公平值虧損。集團近期前景不明朗,但港府即將派發的電子消費券有望提振經濟復甦,重申其“買入”評級,但目標價由7.8港元下調至6.3港元。
報吿指,集團去年經調整核心零售業務溢利上升7%至8.57億元;總銷售收入增長10%至62億元,其中銅鑼灣銷售增長11.1%,和尖沙咀增長1.6%。調整後息税前利潤率降1.3個百分點至21.9%。
該行認為,Omicron引發的第五波疫情重啟香港零售行業,管理層預期,在每日新增確診的情況下,3月份的銷售將進一步疲軟,而市場情緒也受到於3月下旬進行的強制檢測影響。該行將其2022至23年每股盈利預測下調15%至26%,以反映第五波疫情影響及復甦時間較長。
對於政府宣佈派發新一輪1萬元的電子消費券,該行相信對香港本地消費有一定正面提振。此外,啟德項目工程仍有望在2023年底前開始運營。

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