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《大行報告》摩通料市場對周大福(01929.HK)業績反應正面評級「增持」
阿思達克 06-10 11:41

摩通發表研究報告指,周大福(01929.HK)公布2019年度下半年經營溢利理想,按年增長11%,較該行及市場預期為佳,受惠強勁的毛利率擴張及經營槓桿。更令人鼓舞的是,公司內地4/5月份同店銷售增長錄得低雙位數增長,相信今年至今的同店銷售增長仍有正面驚喜而香港表現亦如期,估計市場對周大福業績反應正面。

報告指,周大福於2016年在內地推行良好的多品牌策略,有助公司更積極發展二、三線城市,預料其未來數年將持續穩固勢頭。而公司管理層定下的2020年度目標過於保守,該行料周大福2020年度收入按年增長13%,而毛利率略擴張,帶動經營溢利按年增近16%。另一方面,預計周大福自由現金流將進一步加強,意味著公司未來數年很有可能維持高派息比率,故重申評級「增持」,給予目標價10元。

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