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《大行》瑞銀:周大福(01929.HK)或被低估 目標價升至16元
瑞銀髮表研究報告,預測周大福(01929.HK)2026財年至2028財年間每股盈利年均複合增長率達9%,而且2026財年股息回報率料達6%,按現價水平計相當預測未來12個月市盈率14倍,低於行業中位數15倍,該行認爲該周大福目前或被低估,對其新一年經營指引有信心,若金價升勢延續,經營利潤指引更存在上調空間。 基於最新經營表現、業績指引、更高的同店銷售增長預期、較小的毛利率壓力及更多的營運開支節省,瑞銀將周大福2026財年至2027財年經營利潤預測上調20%至21%,每股盈利預測亦上調21%至30%,目標價從12元調升至16元,預測2026財年每股盈利將按年增長51%,主要受惠於黃金借貸虧損減少,以及品牌轉型和產品組合改善,評級爲「買入」。
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