《大行報告》瑞銀下調周大福(01929.HK)目標價至21元 評級「買入」
瑞銀發表研究報告指,周大福(01929.HK)截至今年3月底止財季銷售按年增14.2%,高於該行預期,主要是由於內地的同店銷售跌5.6%,好於該行預期的高單位數跌幅,以及門店擴張速度快於預期。3月內地的同店銷售增長在低基數的情況下錄升逾20%。
該行表示,將集團2023至25財年的每股盈測調整至介乎增2%至降7%,考慮到上季銷售好於預期,同時在管理層下調門店擴張預期及高質量發展戰略,目標價由22至下調至21元,維持「買入」評級。該行看好集團,認為中國消費者對結婚、婚禮、送禮及到香港旅遊的需求被壓抑,其利潤率攤薄後提高盈利能力的戰略是過去兩年積極擴張的結果。
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