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《大行報告》瑞銀下調周大福(01929.HK)目標價至17.2元 評級「買入」
阿思達克 10-13 10:27
瑞銀發表研究報告指出,周大福(01929.HK)截至9月底止2024財年第二季的銷售按年增長5.8%,其中內地增長0.6%,港澳及其他市場增長54.1%;受內地基數較高影響,集團於內地的同店銷售按年跌12.5%,香港及澳門則升55.7%,符合該行預期。 該行認為,周大福管理層已將2024財年的收入增長指引,由原來預測按年增長高中位數下調至中十位數,主要由於內地開店更為保守,現時目標淨開店300至400家,而此前目標為600至800家。同時,對內地同店銷售目標維持於中單位數增長。此外,該行指管理職有信心維持70%至80%派息比率。 此外,該行將周大福2024至2026財年每股盈利預測下調1%至4%,以反映更為保守的內地門店擴張以及下半財年的毛利率正常化預測。該行看好公司將受惠於內地消費者被壓抑的需求及其在利潤稀釋後提高獲利能力的策略,對公司目標價由19元下調至17.2元,維持「買入」評級。
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