大行評級|麥格理:微降周大福目標價至14.1港元 下調2026及27財年淨收入預測
麥格理髮表研究報告指,周大福目標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財年經調整盈利各爲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港元,評級爲“跑贏大市”。
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