大行評級|瑞銀:下調周大福目標價至13.6港元 評級“買入”
瑞銀髮表研究報吿指,周大福2024下半財年收入符合預期;核心營運利潤分別勝於該行及市場7%和11%。2024財年的淨利潤低於預期是由於黃金未實現虧損25億港元;期內股息率為84.6%,遜於投資者對特別股息的預期。報吿提到,周大福管理階層對2025財年持謹慎樂觀態度,預計收入將會持平或略高,而2025上半財年同店銷售增長仍將受壓。管理層預計,經調整核心營運利潤率將按年改善0.5至1個百分點。瑞銀將周大福2025至2027財年的每股盈測下調4至5%,相信毛利率改善將緩解近期的銷售壓力。該行將集團目標價由15港元下調至13.6港元,評級為“買入”。
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