《大行報告》大摩下調周大福(01929.HK)目標價至13.5元 核心經營利潤遜預期
摩根士丹利發表報告指,周大福(01929.HK)上半財年的核心經營溢利,差過該行預期,主要因為內地銷售較為疲弱,公司管理層維持全年度的收入及核心盈利指引,預期收入有10%至15%增長(low to mid teens),核心經營利率增幅處於50至80點子範圍的較高水平。該行估計,指引反映全年度核心經營溢利按年升8%,但下半財年較上半財年跌8%,主要因為產品組合較為不利。
10月1日至本月18日期間,內地同店銷售增長6.7%,主要因為比較基數低,港澳同店銷售增長48%,增幅符合管理層預期,主要由黃金產品推動。
大摩將2024至2026年度收入預測下調4%,反映內地宏觀經濟不明朗下,銷售前景疲弱,2024年度的盈利預測則上調4%,主要是黃金相關貸款的未實現收益較佳、節省營運成本,抵銷收入及毛利率下跌的影響,目標價由14元下調至13.5元,反映2025年預測市盈率16倍,評級「與大市同步」。(cy/w)
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