《大行報告》匯豐研究降周大福(01929.HK)目標價至12.2元 業績具韌性惟缺乏催化劑
匯豐環球研究發表報告指,即使銷售遜於預期,但周大福(01929.HK)2024財年上半財年盈利符合公司目標,受惠成本控制及黃金收益。該行指,公司將其2024財年淨開店數目下調至300間至400間,全年度收入則由高十雙位數下調至中十位數(mid-teens),並保持全年派息率目標達70%至80%。
該行指,將周大福全年度收入預測下調3.5%,保持內地及港澳同店銷售增長分別為5%及46%,並將核心營運利潤率預測稍微上調至10.6%,而全年度純利預測則下調5%至80.52億元。該行相信,管理層能夠提供具有韌性的盈利表現,以支撐其股票;但在整體內地顧客情緒疲軟下,成功執行品牌重塑策略是推動集團盈利勢頭的關鍵,惟該行認為目前品牌重塑策略的成功機會率能見度低。
匯豐環球研究將周大福目標價由13.2元下調至12.2元,維持其評級為「買入」。(ca/w)
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