大行評級|高盛:周大福對門店擴張更加謹慎 予其“中性”評級
高盛發表報吿指,9月11日在2024年高盛中國投資大會上,周大福指內地和港澳市場7月至8月的總零售銷貨價值(RSV)壓力與6月季度相似。公司對門店擴張更加謹慎,預計今年關閉率可能為5-7%,因此在開設新店方面將更加謹慎,以優先考慮門市生產力。管理層仍有信心2025財年實現股東權益報酬率(ROE)25%的目標,預計派息比率將穩定在70%-80%,公司去庫存的現金流壓力有限,希望將淨負債比率從2024財年末的78%改善至50-60%(包括黃金貸款)。基於3.5倍2025財年市賬率,高盛予該股目標價10.5港元,評級為“中性”。
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