《大行報告》摩通降六福(00590.HK)目標價至30元 現財年派息比率有潛力提升
摩根大通發表報告,指六福(00590.HK)今年9月底止2024財年上半年業績,與早前發佈的盈喜公告相符,管理層表示受惠於港澳零售市場復甦,以及中國內地特許經營店帶來更大貢獻,預測2024財年銷售額及盈利將超越疫情前水平。
集團亦維持開設新店指引不變,目標2024財年在中國內地淨增300家六福門店和50家其他品牌門店。考慮到六福在港澳地區銷售額較高,摩通繼續預期集團將受惠於中國內地遊客迴流的增長,維持「增持」評級,惟因市場氣氛疲弱,下調估值基礎,由預測市盈率10倍降至9倍,目標價相應由31元下調至30元。
同時由於擁有強勁的現金流及穩健的資本開支計劃,該行認爲六福全年度派息比率有潛力再提升,預測下半財年銷售額及盈利將按年增長21%及32%,淨利潤率料持續擴張。
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