花旗:下調周大福(1929.HK)目標價至9港元 評級“買入”
花旗發表報告表示,周大福(01929.HK)上半財年純利按年跌21%,撇除黃金對衝的影響,核心盈利更升5%,優於公司管理層預期,主因是金價急升帶動經調整毛利率走高。
該行預期,假設毛利並無利好因素及進一步的銷售計劃,周大福下半財年核心盈利將變差(料按年跌17%),但相信下一財年會有明顯復甦,因香港業務見底回升、租金成本下跌以及銷售跌幅收窄等所帶動。該行下調其2020至2022財年核心盈測4%至9%,以反映下調同店銷售預測,目標價相應由9.4港元降至9港元,但維持“買入”評級。
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