《大行報告》摩通:周大福(01929.HK)首財季業績符預期 料市場反應中性
摩通發表評級報告指,周大福(01929.HK)在2023財年首季,內地同店銷售按年跌19%,由於疫情持續繼4、5月同店銷售增長呈大幅下滑後,這或意味著6月份呈低單位數增長;管理層表示,6月份同店銷售增長上升趨勢在7月份持續至今,符合預期。
該行表示,澳門及香港的同店銷售按年跌6%,意味著6月走勢與4、5月相若,在本季度,周大福在內地開設312間店舖,符合公司6月初提出開約300間店舖的指導。
該行表示,由於管理層指導相當準確,料市場反應較中性,並維持評級為「減持」,反映暫未能看見有明顯被壓抑的需求、正面催化劑有限以及短期內能見度仍然低,同時預計下季度風險或更會偏向下行。
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