大行評級|瑞銀:上調老鋪黃金目標價至900港元 買方預期過高帶來短期下行風險
瑞銀髮表報告指,老鋪黃金買方預期過高,意味着短期下行風險。老鋪黃金公佈2024年業績後,瑞銀將其2025至2027年每股盈利調高58%至66%,以計入強勁的業績和強勁的年初至今銷售。該行維持對其“中性”評級,因相信市場已充分考量到其強勁的年初至今銷售表現,目標價由520港元上調至900港元。
根據該行與投資者的對話,買方對老鋪黃金2025年的盈利預期爲40億至60億,即按年增長170%至 300%,該行認爲預期似乎偏高,並且公司面臨金價波動、各店業績分化以及毛利率可能按年下降的短期下行風險。另一個下行風險是股東的潛在獲利回吐。
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