《大行報告》美銀證券升周大福(01929.HK)評級至「中性」 目標價13.2元
美銀證券發表報告,指周大福(01929.HK)下調其開店數量指引,令增長預期被重置,而強勁資產負債表帶來的資本回報潛力提供了下行支撐。該行認為,集團2017至22財年的盈利上升週期很大程度上是受惠於2017年推出的成功的HUA黃金產品系列,而期內該股的每股盈利複合年增長率為17%。因此,該行相信,公司的潛在發展將取決於其未來新產品發布和品牌重新定位舉措的有效性。該行將公司評級由「跑輸大市」上調至「中性」,目標價13.2元。
該行認為,如果集團的同店銷售及盈利增長仍然疲弱,其有機會提高派息比率,以提升資本回報。公司將於11月23日公布中期業績,該行預計,集團中期收入將增長7%至498億元,而核心營業利潤(COP)則升21%至53億元,經調整毛利率料24.7%。
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