《大行報告》大和降周大福(01929.HK)目標價至14元 下調每股盈測
大和發表研究報告指,周大福(01929.HK)第三財季的總零售銷貨價值(RSV)按年升46%,內地同店銷售按年升23%,港澳及其他地區同店銷售升67%,大致符合該行預期,但零售點增設數量低於預期。
該行表示,周大福維持其2024財年指引,淨增設零售點300至400個,另RSV有中單位數增長,核心營運利潤率擴大50至80個基點。不過,該行認為,在宏觀情緒不穩定的情況下,集團在實現目標方面將面對挑戰,但認為股份回購將增強股東信心。
該行下調集團2024至2026財年的每股盈測3至4%,以反映對其增設零售點和同店銷售增長預測更加審慎,重申其「買入」評級,目標價由17.4元下調至14元。
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