《大行》美銀證券降老鋪黃金(06181.HK)目標價至958元 關注盈利增長可持續性
美銀證券發表研究報告指,老鋪黃金(06181.HK)發盈喜,當中上半年經調整淨利潤料介乎23億至23.6億元人民幣,勝於該行及市場分別預期的21億和20億元人民幣。該行估計,由於金價上升,今年集團上半年的毛利率爲39%,按年下降2.4個百分點、並較對上半年跌2.1個百分點,但將部分受到正面經營槓桿所抵銷。
該行預計,市場將更加關注老鋪黃金盈利增長的可持續性,並預期公司明年收入按年增長26%,加上毛率擴張和經營槓桿,帶動經調整淨利潤按年升30%,又預計公司明年開設6家新精品店,單店銷售按年增6%。
該行將老鋪黃金今明兩年的經調整淨利潤預測上調11%和6%,分別至50億及66億元人民幣,料公司今年下半年的收入將達到138億元人民幣,按年增長178%,經調整淨利潤料達27億元人民幣,按年增長206%。該行將公司目標價下調4%至958港元,重申「買入」評級。
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