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大行評級丨大摩:重申周大福“增持”評級 上財季同店銷售符合預期

摩根士丹利發表研究報告指,周大福上財季的同店銷售跌幅收窄,符合預期。集團的營運質素改善、產品組合更佳、店鋪生產力提升、及利潤率擴大,抵銷了關店率上升的拖累。該行重申集團“增持”評級,目標價10.5港元。大摩提到,周大福料2025財年的收入將符合其指引,而毛利率及經營溢利率則將超出指引。該行相信,集團持續專注於營運品質的策略,而2026財年的淨關店量或將減少。該行預期集團2025至2027財年的每股盈利年複合增長率約爲20%。

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