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《大行報告》花旗:周大福(01929.HK)中期核心純利符預期 下調2023至25財年盈測6%至7%
阿思達克 11-25 09:43
花旗發表研究報告指,周大福(01929.HK)上半財年純利按年跌7%至33億元,較該行預期遜色,主要是由於匯兌損失和黃金貸款的公允價值收益低於預期。剔除這兩個因素後,核心純利下降1%至32億元,符合預期。由於下半年的封城影響。管理層下調了全年度盈利預測。然而,基於年輕一代對黃金的強勁需求和集團的市場份額增長,該行認為周大福的增長潛力保持不變。 該行將集團2023至2025財年的盈測下調6%至7%,以反映下半財年展望轉弱致收入預測下降,又預計核心純利在2024及25財年增長18%前,2023財年料保持平穩。鑑於防疫限制放寬後積壓需求潛在釋放,該行對其2023年的收入預測高於管理層目標,而利潤率指引則符合預期。該行維持集團目標價17.3元和「買入」評級。
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