野村:下調周大福(1929.HK)目標價至7.8港元 評級“買入”
野村發表報告表示,周大福(01929.HK)截至今年9月底止第二財季度(即2020財年第二財季),港澳市場同店銷售錄得下跌42%,較首財季之11%跌幅大幅擴大,內地同店銷售亦由升11%到轉跌7%,業務情況與同業類近。
同時,周大福預計9月止上半財年錄得8至10億元的未變現虧損,因而發出盈警。該行認為,上述虧損主因金價期內顯着上升及黃金產品銷售疲弱所致,相信隨銷售旺季下,料下半財年需求將會回升,並估計金價將回復正常。
野村預期周大福下半財年業績會持續優於同業,主因其內地業務佔比較高、基數較小及潛在黃金對衝錄未變現盈利等。不過該行基於銷售及毛利下跌,下調對其2020財年至2021財年盈利預測23%及18%,目標價相應由10.1港元降至7.8港元,維持“買入”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.