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大行評級|花旗:下調周大福目標價至11.4港元 首財季零售差過預期

花旗發表報吿指,由於金價處於歷史高位,加上宏觀經濟疲弱令需求受阻,周大福首財季零售值按年跌20%,差過預期。該行指,周大福管理層稱由於金價上升、固定價格黃金產品的銷售組合增加,以及持續嚴謹的成本管理,首財季毛利率有顯著改善。該行敏感度測試顯示,周大福2025財年核心盈利下降5至23%,收入下降10至20%,相應市盈率為9.6至11.8倍,歷史低位為9至10倍。

該行預期該股短期內將面對壓力,但考慮到估值吸引,維持“買入”評級,目標價由14.2港元降至11.4港元。

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