《大行報告》匯豐研究下調六福(00590.HK)目標價至18.9元 評級「持有」
匯豐研究發表研究報告,指出六福(00590.HK)的批發業務為2022財年最重要的分部,批發業務(包括批發收入及商標授權收入)佔集團收入與經營溢利約37%及78%。然而,防疫措施降低了集團批發渠道的可見度,於2023財年上半年公司的批發收入及商標授權收入按年各跌24%及5%,導致期內收入增長按年持平。集團上半年毛利仍具韌性,其純利按年持平,與收入增長一致。
此外,該行認為六福的特許經營店開店放緩及批發業務收入的負面趨勢,增加公司盈利風險。對其目標價由21.9元降至18.9元,維持「持有」評級,另對其2023財年每股盈利預測下調9%。
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