《大行報告》摩通重申周大福(01929.HK)一年期投資建設性看法 評級「增持」
摩根大通發表研究報告,重申對周大福(01929.HK)未來12個月具建設性投資看法,預期長遠而言公司的發展戰略有助於推動利潤率提升,因此預期在盈利好於預期的及獲估值重評推動下,未來一年股價將有上行空間。
摩通指出,截至去年12月底止2023財年第三季中國內地同店銷售額及零售額分別下降33%及20%,情況是市場預期之內,管理層在業績電話會議上透露對未來市場發展仍抱審慎態度,傾向於在此時趁機升級品牌定位及優化產品組合。
鑑於短期內消費復甦趨勢可能不平穩,摩通亦認同管理層大膽地採取行動,改為關注可持續利潤率擴張而非單單推動銷售增長。但該行提到,近期公司銷售表現可能較大市差,或吸引一些對沖基金做空,預期將會為長期投資者提供一個很好的入市機會。
該行維持予周大福「增持」評級,建議長期投資者在其股價出現下跌時進一步增持,目標價19元。
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