You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》麥格理降周大福(01929.HK)目標價至14.1元 料2026財年錄盈利強勁增長
阿思達克 06-13 11:57
麥格理發表研究報告指,周大福(01929.HK)目標2026財年的收入錄低至中個位數增長,而同店銷售按年增長中個位數。管理層又指引,由於金價波動,料2026財年毛利率按年跌80至130個基點,而經營溢利率則降60至100個基點。 該行相信在黃金需求復甦及效率提升下,周大福珠寶於2026財年將錄得強勁盈利增長(該行料周大福於2026財年及2027財年經調整盈利各為94億及104億元,按年各升逾59%及10.6%)。不過,由於金價波動及管理層的全年指引,將集團2026及2027財年的淨收入預測分別下調1.6%及1.9%,目標價降1.4%至14.1元,評級為「跑贏大市」。 麥格理指周大福2025財年固定價格珠寶(黃金及鑲嵌寶石)收入佔比從2024財年的19%增加至29%,公司將推出更多標誌性產品及高端珠寶以進一步優化產品組合。該行料周大福維持派息比率,2026財年的股息收益率為7%。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account