《大行報告》野村下調周大福(01929.HK)目標價至8.7元評級「買入」
野村發表研究報告,指周大福(01929.HK)2019財年(截至今年3月底止)收入錄667億元,按年增長12.7%,超出該行及市場預期各2%。純利則錄45.77億元,按年增長11.8%,大致符合該行預期,惟高於市場預期3%。核心經營純利按年增長24.4%,毛利率擴闊1個百分點,主要是受到強勁的成本控制所帶動。該行又指,周大褔全財年共派息65仙,帶來驚喜,並高於對上財年共派息57仙,意味派息比率擴至142%。該行預期公司2020至2022財年的常規派息比率將會超出70%,或能成為下行周期的支撐。
周大褔管理層指出,內地今年4月及5月同店銷售增長加快至約11至13%,香港區的表現則會有中單位數的下跌,主要是因為2019財年首季的高基數效應所致。野村估計其內地2020財年的同店銷售增長為5%,香港區為2%。另野村稱,周大褔2019財年毛利率擴闊0.5個百分點至27.9%,主因沒有對上財年同期出現的單次性庫存減值撥備所致;該行另料其2020財年毛利率輕微擴大0.2個百分點,主因金價上升。
野村將周大褔2020至2021財年的盈利預測提升3%至5%,以反映更佳的銷售表現,但部分被毛利率下降因素所抵銷,目標價由8.9元下調至8.7元,重申「買入」投資評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.