大行評級|大摩:下調周大福目標價至12港元 預計年度核心經營利潤增長28%
摩根士丹利發表研究報吿指,周大福將於6月初公佈今年3月底止2024財年業績,預測年度收入及核心經營利潤將分別增長15%及28%,支持每股派息增長,但提醒來自黃金貸款的未變現虧損將是影響期內列賬純利的關鍵因素。該行目前預測周大福2024財年收入按年升15%,將達到1,090億港元,符合公司指引;核心利潤率或有意料之外的增長,預計核心經營利潤將達到120億港元,按年增28 %,對比管理層目標為增長20%以上。鑑於2024年下半財年,尤其是3月份的金價大幅上升,大摩預計周大福在該下半財年的黃金貸款將出現鉅額未變現虧損,估計年度列賬純利將按增長31%,每股派息則預期達0.6港元,意味派息比率為85%。
大摩將其目標價從13.5港元降至12港元,評級“與大市同步”。
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