高盛:維持周大福(1929.HK)“中性”評級 對其復甦前景謹慎看法
高盛報告指周大福(01929.HK)在10月15日收市後同時公佈2020財年第二季業績及盈利預警。港澳市場的同店銷售增長下跌42%,差過該行預期。中國內地市場的同店銷售增長下跌7%,同樣差過該行預期,主要是由於不利的黃金價格及宏觀經濟疲弱。
在盈利預警中,公司指由於近期金價上升,未實現的黃金貸款虧損導致淨利潤大幅下降。若撇除此因素,2020財年上半年的純利理應按年持平,大致與該行預期一致。
展望未來,由於港澳市場的宏觀不確定性因素,仍對復甦前景維持審慎態度。在正面來看,中國的增長將有助支持其在國內低線城市擴張的長期戰略。管理層指,中國業務佔集團銷售額70%至80%。維持其“中性”投資評級,目標價7.1港元。
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