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《大行報告》美銀證券下調周大福(01929.HK)目標價至13元 評級「跑輸大市」
阿思達克 06-02 14:08
美銀證券發表研究報告指,周大福(01929.HK)即將公布2023財年業績,預計其收入將按年增3.5%至1,024億元;核心營業利潤(COP)跌3%至97億元;及核心利潤降11%至67億元。 由於今年3月的基數較低,中國同店銷售增長在3月反彈至按年增長逾20%,而1至2月則按年降12%。不過,該行估計,與2021年3月相比仍下跌雙位數水平。該行估計,中國同店銷售增長將從3月的逾20%減慢到4至5月的中十位數水平。 該行表示,由於宏觀不確定因素、2023財年下半年的同店銷售弱於預期、人民幣貶值以及POS開店速度放緩,料管理層將為2024財年提供較保守的指引。該行降集團2024財年的每股盈測3%,及將目標價下調3%,由13.4元降至13元,重申「跑輸大市」評級,認為潛在的市場份額流失、支出轉移到離岸市場的風險以及近期管理層變動後的執行不確定因素,都為集團的同店銷售復甦帶來不確定。
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