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《大行》大摩:老鋪黃金(06181.HK)中期業績符預期 關注下半年定價策略
摩根士丹利發表研究報告指,老鋪黃金(06181.HK)發盈喜,預料中期收入將按年增長241%至255%,淨利潤料按年升279%至288%,較該行預期低5%,但較市場普遍預期高10%至12%。 大摩指,雖然金價上漲帶來毛利率壓力,但老鋪黃金只在今年2月調整過一次零售價,經營槓桿仍推動淨利潤率擴張至介乎17.8%至19.2%,考慮到公司一般一年調價兩次,預期下半年定價策略將更爲關鍵,而下半年基數預期也較高。 大摩提到,老鋪黃金的股價自7月初高位已回調約29%,反映市場下調盈利預期及對金價上漲的擔憂,若下半年加價幅度低於10%,預期利潤壓力或持續存在,但如果高於10%,則相信公司需推出新產品來抵銷需求風險,給予「與大市同步」評級,目標價1,055元。
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