《大行报告》野村升周大福(01929.HK)目标价至10.1元内地首财季同店销增长仍强劲
野村发表研究报告,指周大福(01929.HK)2020财年第一季中国同店销售增长11%,较前一季9%水平为高,相反香港同店销售跌幅则由4-5月的中单位数扩大至跌11%。
该行指,香港市场疲弱属预期之内,因为自6月起有持续示威行动。该行预期周大福将继续跑赢同业,因为中国市场贡献占比较高(2019财年为64%),以及及受惠於产品组合改变,毛利率有改善。
野村将周大福2020-2022年盈利预测上调4-5%,以反映较佳销售及毛利率,目标价由8.7元升至10.1元,评级「买入」。
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