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大行評級|大和:予周大福“買入”評級 短期內的正面催化劑有限
格隆匯 06-14 11:04

大和發表研究報吿,指周大福昨日(13日)公佈今年3月底止2024財年業績,並在收市後舉行分析師會議。2024財年收入按年15%的增幅符合管理層和市場預期,純利差過該行及市場預期,主要因為是金價上升導致黃金貸款出現25億港元的未實現虧損。周大福宣佈派發每股股息0.55港元,代表總派息率為84.6%,由於沒有派發特別股息,或令部分投資者失望。該行予公司“買入”評級。

大和指,金價高企窒礙4月起首財季至今的銷售勢頭,內地直營店和加盟店的同店銷售分別按年下降28%及19%,香港和澳門的同店銷售也按年下降了32%。管理層認為,這將繼續阻礙2025財年上半年的業績增長,只有到2025財年下半年才會出現更加“正常化”的增長。儘管如此,管理層仍將2025財年的收入增長預期定為持平或略有增長,因為其策略重點是高質量增長,而非大規模開店。該行認為,該股在短期內的正面催化劑有限。

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