大行評級|大摩:上調周大福的評級及目標價 首予老鋪黃金“與大市同步”評級
摩根士丹利的研究報告指,該行自2023年中旬已對內地珠寶市場持審慎態度,惟其近期的消費者調查發現,黃金飾品的增長快速是由產品升級所致、對寶石的需求改善,以及高端化趨勢,有利高級本地品牌及外國奢侈品牌可從大衆品牌和無品牌珠寶手中奪取市場份額。
該行指,高級黃金產品的快速崛起反映消費者願意爲優質工藝和設計支付溢價,預計更多本地品牌將瞄準有關消費羣,而最具代表性的品牌應繼續表現優異。該行基於主要的珠寶購買標準,對18個國內外珠寶品牌進行排名,其中老鋪黃金、周大福、寶格麗和卡地亞表現尤爲突出。
該行首次覆蓋老鋪黃金,給予評級“與大市同步”及目標價555港元;至於周大福,將其評級由“與大市同步”升至“增持”,目標價由8.3港元升至10.5港元。
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