《大行報告》花旗上調周大福(01929.HK)目標價至7.8元 首十一個月業績優於預期
花旗發表研究報告,指周大福(01929.HK)截至今年2月底止十一個月收入和核心盈利分別跌11%至13%,以及7%至9%,跌幅較預期少,主因批發收入較預期好,成本減省及去槓桿所致,相信核心經營利潤率改善源於金價上漲帶動毛利率上升。
該行指出,因應新冠肺炎疫情影響,內地同店銷售於第四財季跌50%,仍勝預期,銷貨價值跌41%;港澳同店銷售跌65%,大致符預期。季內,公司在內地增18間特許經營店,直營店淨減少7間;香港淨減少4店。
花旗又稱,周大福庫存在2月底止較去年3月底止升15%,主因農曆新年需求呆滯,集團預期庫存短期將維持在較正常為高水平。
該行上調周大福2020財年核心純利預測20%,以反映收入和經營利潤率預測上調,並料隨著2020財年核心純利潛在倒退15%後,2021及2022財年核心純利各恢復5%及15%增長;花旗並預期,倘周大福參加政府新一輪企業支援計劃,將為2021財年純利帶來額外2%至3%的上行空間。目標價由7.5元升至7.8元,評級「買入」。
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