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《大行報告》中金下調周大福(01929.HK)目標價至17.27元 業績遜預期
阿思達克 06-09 09:21
中金發表報告,指周大福(01929.HK)2023財年收入按年跌4%至947億元,淨利潤降20%至54億元,遜於預期,主要是由於下半財年疫情影響收入,以及匯兌損益、黃金借貸損益影響淨利潤。公司計劃派發末期及特別股息每股0.28及0.72元,對應全年派息率約227%。集團存貨周轉天數按年增22日到294日,該行預計,與鑲嵌周轉天數增加及金價上升有關,產成品存貨周轉天數增8日。經營性現金流降28%至101億元。 該行提到,管理層維持內地淨開店600至800間,及2024財年收入增10%至20%高段的指引。該行考慮到珠寶行業競爭激烈,分別下調其2024及25財年的每股盈測13%及12%,至分別0.79元和0.91元。目標價下調13%至17.27元,維持「跑贏行業」評級。
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