《大行報告》里昂:周黑鴨(01458.HK)收入預告符預期 評級維持「沽售」
里昂發表報告指,周黑鴨(01458.HK)發盈警,去年收入預告與該行預測一致,淨利潤估計約為2,000萬人民幣,而該行預測損失為1億人民幣。然而,該行不認為結果好於預期,因為絕對差異並不大。
里昂認為周黑鴨的品牌溢價正在被不斷上升的競爭和品牌老化等所影響。因此,考慮到價格壓力和需求仍然疲軟,維持對其財務預測。同時維持22倍的12個月遠期目標市盈率預測,因為周黑鴨的復甦步伐較慢,而且商業模式轉型的進展不確定。維持「沽售」評級和3.7元目標價。
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