野村:升周大福(1929.HK)目標價至8港元 評級“買入”
野村發表報告表示,周大福(01929.HK)上半財年收入微跌0.6%,主因港澳市場同店銷售大跌27.5%,內地則升1.8%,表現遠較六福(00590.HK)為佳。周大福管理層透露,10月至今香港及內地銷售均按季有輕微改善。該行維持周大福為香港零售股之首選,主因其內地業務比重較高。
該行指,周大福上半財年毛利率按年下跌1.1個百分點,相信隨金價回落及需求增加下,下半年度毛利率會有所回升。而且周大福管理層預期,下一財年將會關閉高單位數至中雙位數的店舖數目,會帶動租金成本進一步下降。
野村稱,下調對周大福2020年度盈利預測4%以反映疲弱香港業務,惟升2021年度盈利預測2%,目標價相應由7.8港元調升至8港元,此相當預測2021財年市盈率16倍(歷史均值),維持“買入”評級。
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