《大行報告》高盛微升周大福(01929.HK)目標價至12.6元 上半財年核心經營溢利勝預期
高盛發表報告指,周大福(01929.HK)截至今年9月底止2024財年上半財年,銷售額較該行預期低7%,主要受累於內地每店收入轉弱,不過核心經營溢利較該行預期高出7%,主要因為對經營開支有較佳控制。在10月1日至11月18日,內地同店銷售按年增長6.7%,相當於新冠疫情前的106%,大致符合管理層及該行預期。
周大福管理層於分析員會議上表示維持2024財年的核心經營溢利目標不變,但估計將由控制銷售及行政成本推動,而多於由銷售增長推動,預期全年度總銷售額增長為10%至15%(low-mid teens),低於之前預測的約15%(mid-teens),核心經營利潤率擴張幅度,處於之前預測範圍50至80點子的高端水平。
因應上半財年業績,該行將周大福2024至2026財年的純利預測,下調1至3%,雖然公司在珠寶業擁有龍頭地位,但在消費市道疲弱下,對復甦步伐維持審慎,高盛維持周大福「中性」評級,目標價由12.3元上調至12.6元。
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