《大行報告》大和下調周大福(01929.HK)目標價至18元 評級「買入」
大和發表報告指,周大福(01929.HK)公布2023財年中期業績,收入按年增長5.3%至465億元,主要受到內地批發業務按年增長20%推動,不過純利按年下跌6.8%至33億元。
該行引述周大福管理層稱,內地有800至900個銷售點因疫情影響而要暫時關閉,第三財季至今內地同店銷售按年下跌21%,其中一二線城市的影響較低線城市多。另外,由於內地宏觀環境及消費情緒受壓,管理層估計下半財年同店銷售或會下跌高單位數。
大和下調周大福目標價,由19.5元降至18元,維持「買入」評級,並調低集團2023財年及2024財年每股盈利預測1%至4%,反映批發業務組合下降的假設。
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