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大行評級丨瑞銀:上調周大福目標價至12港元 上調今年至2027年經調整盈測
格隆匯 04-29 15:44
瑞銀髮表報吿指,周大福在截至三月的季度銷售跌幅明顯收窄,按年跌11.6%,內地及香港的同店銷售跌幅分別收窄至單位數及低雙位數,主要因為低基數及對新產品的需求具韌性。該行認為,以股本回報率26%及股息率6%而言,周大福估值屬被低估,而正面催化劑包括同店銷售增長轉正以及推出新產品或系列以支持毛利率。該行表示,周大福料2025財年收入會與之前的指引(即按年高雙位數的跌幅)相約,毛利率及經營利潤率會勝過之前指引的按年400至500個基點及250至300個基點的擴張。管理層表示,現料經營利潤會按年擴張350個基點,經營利潤按年升7%,2025財年下半年的黃金借貸虧損會比上半年相若或稍高。瑞銀上調周大福今年至2027年經調整每股盈利預測0%至8%,料內地的同店銷售增長或會在2026財年轉正。該行將公司目標價由8.5港元升至12港元,評級“買入”。
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