大行評級丨富瑞:削周大福目標價20%至12.67港元,下半財年經營料改善
周大福(1929.HK)截至3月底止全年純利64.99億港元,同比升20.7%,另外集團公佈,由今年4月1日至5月31日,集團零售值同比下跌20.2%。富瑞發表報吿指,周大福今年上半年度將較艱難,但估值並不昂貴,維持“買入”評級,目標價由15.88港元下調兩成至12.67港元。富瑞表示,周大福截至今年3月底的下半年度銷售符合預期,核心經營溢利(COP)則較預期高出15%。該行預期周大福今年上半年度將較艱難,截至2025年3月的下半財年則料改善。該行給予的核心經營溢利預測,已反映了銷售較公司指引為低的預期。公司業績公佈後,該行已分別將今明兩年度純利預測調低6%及10%,最新目標價相當於預測市盈率16倍及15倍。
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