《大行》中銀升周大福(01929.HK)目標價至13.8元 維持「買入」評級
中銀國際研究報告指,周大福(01929.HK)2025財年淨利潤雖按年跌9%,仍較市場預期高7%,反映金價強勁對其毛利率的正面貢獻。集團近期的同店銷售已有改善,反映消費者在目前的周期下更願意購買黃金,以及集團的策略成功,包括提供更多固定價格的黃金產品,以及專注於門店的銷售效率;該行料集團的銷售將於2026財年逐漸恢復。
報告又指,雖然集團表現仍然受金價波動及潛在的對沖盈利或損失所影響,但根據管理層的預期,影響幅度將小於2025財年。另外,該行認為其股息(26財年6.4%)具吸引力;維持「買入」評級,目標價由11.2元升至13.8元。
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