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《大行報告》花旗下調周大福(01929.HK)目標價至16.7元 評級「買入」
阿思達克 10-13 10:25
花旗發表報告指,周大福(01929.HK)2024財年第二季於內地的同店銷售跌12.5%,於港澳地區則增長56%,大致符合預期。而開店數量則落後預期,惟對收入的影響有限。由於金價上升,利潤率改善情況較預期理想,這抵銷了貨幣疲弱帶來的收入增長下降。 該行提到,由於周大福2024財年中期業績表現強勁,加上基數較低及估值具吸引力,維持其「買入」評級,目標價由18.1元下調至16.7元,此按現金流折現率作估值,降2024財年至2026財年的純利預測2至4%。 花旗提到,周大福管理層維持對2024財年全年同店銷售增長指引,內地為中單位數,而港澳地區則為50%。管理層指上半年毛利率表示較公司預期理想,又料內地金價上升足以抵銷不利的產品結構變化。
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