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《大行報告》匯豐研究降周大福(01929.HK)目標價至14.4元 評級「持有」
阿思達克 04-14 15:44
周大福(01929.HK)截至今年3月底財季零售值按年上升8.5%。匯豐研究將周大福2022年經營利潤預測下調3%,主要是考慮到毛利率較弱,預計今年下半年其正常化毛利率比上半年下降40個基點至23.1%,之前預測爲24.4%。預計今年經營利潤現在將按年增長8%,收入增長34%,低於之前預測的32%。該行下調了對香港通過與中國內地開放邊境而復甦的預期,將2023年淨利潤預測下調8%,今年利潤預測亦降4%。該行將周大福目標價下調22%至14.4元,評級維持「持有」。 匯豐研究表示,儘管最近的內地封城損害了銷售,但在當前週期中,周大福在很大程度上受益於強勁的需求及其成功擴展到低線城市,認爲這個週期何時可能逆轉的不確定性,可能會抑制該股被重新評級的機會。
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