《大行报告》大摩下调周大福(01929.HK)目标价至13.5元 核心经营利润逊预期
摩根士丹利发表报告指,周大福(01929.HK)上半财年的核心经营溢利,差过该行预期,主要因为内地销售较为疲弱,公司管理层维持全年度的收入及核心盈利指引,预期收入有10%至15%增长(low to mid teens),核心经营利率增幅处于50至80点子范围的较高水平。该行估计,指引反映全年度核心经营溢利按年升8%,但下半财年较上半财年跌8%,主要因为产品组合较为不利。
10月1日至本月18日期间,内地同店销售增长6.7%,主要因为比较基数低,港澳同店销售增长48%,增幅符合管理层预期,主要由黄金产品推动。
大摩将2024至2026年度收入预测下调4%,反映内地宏观经济不明朗下,销售前景疲弱,2024年度的盈利预测则上调4%,主要是黄金相关贷款的未实现收益较佳、节省营运成本,抵销收入及毛利率下跌的影响,目标价由14元下调至13.5元,反映2025年预测市盈率16倍,评级「与大市同步」。(cy/w)
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