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《大行》星展升六福集團(00590.HK)目標價至21.03元 評級「買入」
星展發表研究報告指,由於近日市場波動,投資者因經濟不確定因素上升而增持黃金,而部分央行亦因全球能見度低以及對俄羅斯資產凍結的憂慮而買入更多黃金。市場預測至今年底金價將上升超過10%。六福集團(00590.HK)受惠於不明朗時期潛在的黃金需求增長,3月底止末財季內地零售收入按年增長1%,港澳地區則跌11%,較對上一季大幅改善。 該行表示,雖然黃金對衝虧損可能影響六福2025財年的溢利,但撇除對衝虧損的經調整盈利應可得到支撐。而且由於低基數效應,六福今年4月的同店銷售顯着改善,內地的同店銷售錄得雙位數增長,而港澳地區則錄單位數升幅。 該行提到,六福輕資產模式有利長遠擴張,特別是中國內地低線城市。由於六福的黃金對衝虧損可能高於原先預期,星展對其今明兩財年的淨利潤預測分別下調11%和10%,維持「買入」評級,並延展估值基礎至2026財年,以目標8倍市盈率計,目標價由17.42元上調至21.03元。
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