老鋪黃金(06181.HK)急吐7% 大行認為股東回報計劃超預期
老鋪黃金(06181.HK)繼上日(20日)急升8.8%後,今早(21日)高開2.6%,初段高見819元,隨後倒跌。午後最新報725.5元,跌7.23%,成交292.33萬股,涉資21.92億元。
集團上日中午公布6月底止中期業績,集團上半年純利按年升約285.8%,宣派中期息9.59元人民幣,並宣布建議每年派息兩次,派息率50%。
野村稱,老鋪黃金加強股東回報的努力是一個「積極信號」。該行認為,尤其是在公司上半年經營性現金流因補充庫存而錄得淨流出的情況下,如此慷慨的派息表明了其財務狀況穩健。瑞銀亦指,老鋪中期股息帶來超出預期的驚喜。
花旗表示,老鋪黃金上半年銷售強勁,致使經營槓桿優於預期,抵銷了毛利率遜預期的影響。花旗稱,考慮到新店和初始庫存的預期投資回本期為兩年,老鋪自由現金流可能要到2026年才會出現好轉。其超預期的股東回報計劃,被市場解讀為管理層對未來現金流和盈利能力的強烈信心。花旗重申其對該股「買入」評級,目標價維持1,084港元。
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