《大行報告》美銀證券:周大福(01929.HK)淨開店及毛利率弱 料歸咎於同店銷售增長乏力
美銀證券發表評級報告指,周大福(01929.HK)公布截至9月底止上半財年業績後,其股價上周五(25日)大跌16%,該行將股價疲軟歸因於管理層對淨開店步伐放緩和毛利率受擠壓的指引,並相信近期受疫情影響,內地同店銷售增長疲軟是預期之內,但該行認為市場仍未完全意識相關風險。
但該行表示,周大福淨開店及毛利率疲弱,料歸咎於同店銷售增長乏力,認為當終端需求恢復後,開店量及毛利率這兩大因素或會出現逆轉。
美銀證券表示,周大福同店銷售增長展望的可見度有限,主要是取決於內地疫情發展,但由於其強大品牌和一流的執行力,故對周大福的長期前景保持樂觀,但認為短期內的催化劑有限。予目標價15.8元,並重申「中性」評級。
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