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《大行》星展銀行升六福集團(00590.HK)目標價至23.17元 維持「買入」評級
星展銀行研究報告指,受黃金價格高企(上漲超過30%)抑制產品銷售,六福集團(00590.HK)2025財年收入按年下降12.9%,至133億港元。此外,受4.93億元黃金對衝虧損(增長306.9%)及2024財年一次性資產重估收益基數較高的影響,六福集團淨利潤下降39.3%,至11億元。 星展銀行指,剔除對衝虧損和基數效應後的核心利潤僅輕微下降6.3%,認爲集團仍具支撐力。 報告提出,六福集團最新三年計劃(2026至2028財年)優先推進海外擴張、產品分化創新及通過自動化和人工智能提升營運效率。此外,經濟不確定性上升亦推動投資者及央行對黃金的需求,市場預計黃金價格將於2025年底上漲約10%。特別是六福集團固定價格黃金首飾,現佔總收入超過15.7%,仍爲主要增長動力,推動中國內地同店銷售(SSS)在2025年4月至6月期間加速上升20%,而香港和澳門同店銷售則保持平穩。 星展銀行認爲,六福目前提供超過5%的股息率,承諾支付每股股息1.1港元或收益的45%(以較高者爲準)。公司亦目標在2026財年實現所有主要市場雙位數的同店銷售增長,收益將進一步受益於營運槓桿帶動的收入回升、產品組合優化及香港和澳門租金成本可能下降。監於2026財年第一季度強勁復甦及穩健的中期展望,花旗將六福集團基於9倍滾動市盈率,約爲其10年平均市盈率的負0.5標準差,目標價由21.03元上調至23.17元。維持「買入」評級。
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