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里昂降周大福(1929.HK)评级至“沽售”目标价下调至7.6港元
格隆汇 07-24 11:15
里昂以“ 无辜的受害者 ”为题,发表周大福(1929.HK) 研究报告,指近期于香港发生的事件,将影响零售环境及内地旅客访港数量,该行料周大福之港澳业务将进一步去营运杠杆,高基数亦将影响表现。另其中国内地业务亦持续受惠于分店数目增加,部分需求亦将自港澳转移至内地,料周大福内地业务将录得轻微核心利润率提升。
该行喜好周大福之产品、品牌及业务,惟相信于香港零售市道受影响的情况下亦不能幸免,评级自“ 跑赢大市 ”降至“ 沽售 ”,同时下调其2020至2022财年(截至各年3月底止)盈测约5%,目标价相应自7.9港元下调至7.6港元。
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