大行評級|美銀:上調周大福目標價至15.4港元 重申“買入”評級
美銀證券發表研究報告指,周大福2025財年(截至今年3月底止財年)淨利潤按年跌9%至59億港元,符合該行預期,收入890億港元勝該行預期1%,毛利率及經營利潤率則遜於該行預期,因金價上升令利潤率少過預期。4至5月內地及香港的同店銷售(SSSG)分別爲負增長2.7%及正增長1.3%,較3月份季度的負增長13%及23%有所改善。周大福管理層指今年同店銷售正逐步改善,該行料內地5月的同店銷售將按年持平。該行將周大福2026財年淨利潤預測上調12%至77億港元,相當於按年增長30%,以反映更好的收入及利潤率指引。該行將對其目標價升12%至15.4港元,重申“買入”評級,因相信關鍵營運指標持續改善可支持股份重新評級。
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.