《大行》花旗升周大福珠寶(01929.HK)目標價至14元 全年度業績符預期
花旗發表研究報告指,周大福珠寶(01929.HK)今年3月底止2025財年業績符合預期,期內收入跌18%,淨利潤降9%,派息率88%。管理層預期同店銷售將持續改善,2026財年全年將有中單位數的增長,與該行估算相若。
不論金價前景,該行對周大福珠寶維持正面看法,如金價上漲將刺激固定價格黃金產品的增長,一旦下跌則帶動重量型產品需求復甦,並支持其盈利。該行認為該股估值仍具吸引力,調升公司2026及27財年的淨利潤預測各20%和17%,目標價由10.2元上調至14元,評級為「買入」。
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