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《大行》中銀國際:內地珠寶零售行業料持續整合 行業首選股為周大福(01929.HK)
阿思達克 06-23 15:21
中銀國際報告指,近期行業數據,如5月社會零售銷售數據顯示,今年第二季黃金珠寶銷售有所回升。該行認為品牌之間表現可能差異較大,並預計行業整合將持續進行。該行預計具穩固品牌形象的高端品牌能繼續吸引較富裕消費者;大眾市場品牌由於產品同質化,可能失去吸引力和市場份額。該行雖然對部分領先品牌持更樂觀態度,但由於大眾市場消費者信心仍然疲弱,對整個行業保持謹慎,首選股為周大福(01929.HK),目標價13.8元。 該行又指,周大福早前宣布計劃發行可轉換債券,用於擴展其黃金珠寶業務。該行認為對市場來說是一個意外,因周大福過去擴張所需資本支出有限,此次發行可轉換債券若全部轉換為股份,可能導致6.9%股權稀釋。 該行認為此次可轉換債發行略為負面,但仍將周大福視為行業首選,原因包括其強大品牌形象和產品供應、營運指標持續改善,尤其是同店銷售增長,以及2025財年錄得60億元對沖損失,但其在黃金風險敞口管理上採取平衡的長期策略。
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