大行評級|星展:上調六福集團目標價至23.17港元 維持“買入”評級
星展銀行發表研究報吿指,受黃金價格高企(上升超過30%)抑制產品銷售,六福集團2025財年收入按年下降12.9%,至133億港元。此外,受4.93億元黃金對沖虧損(增長306.9%)及2024財年一次性資產重估收益基數較高的影響,淨利潤下降39.3%,至11億元。該行指,剔除對沖虧損和基數效應後的核心利潤僅輕微下降6.3%,認為集團仍具支撐力。該行認為,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%(以較高者為準)。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。鑑於2026財年第一季度強勁復甦及穩健的中期展望,花旗將其目標價由21.03港元上調至23.17港元,維持“買入”評級。
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