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大行評級|美銀:上調周大福目標價至11.9港元 評級升至“買入”
格隆匯 04-17 10:43
美銀證券發表報吿,將周大福的評級由“中性”升至“買入”,因為公司以國內市場為重心,不受全球關税的直接影響。加上同店銷售見底,周大福的同店銷售跌幅已收窄,並可能在未來幾個季度進一步改善;估值要求不高,6%股息率可為股價下行提供支持,而成功的轉型則可為其倍數重新定價提供基礎。美銀證券將周大福目標價由7.3港元升至11.9港元,以反映同店銷售見底回升及潛在的品牌轉勢,相信最嚴重的同店銷售下跌時期已經過去。由於金價上升損害了以重量計價的產品,加上消費意欲疲弱,該行預期周大福中國同店銷售在2025財政年度(3月止)將下跌20%,預期同店銷售將於2026財政年度轉正,按年增長3%,主要受惠於較容易的比較基數、新產品推出及新概念店推出。
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