《大行報告》匯豐研究上調周大福(01929.HK)目標價至12.1元 評級「買入」
匯豐研究發表報告,指周大福(01929.HK)內地市場正自7月起穩健復甦,同店銷售由4月-6月跌11%,轉至7月升高單位數。至於港澳方面,因應限制旅客入境,故同店銷售仍然呈弱勢,收入更遜預期,不過因金價升至1,900美元,故其存貨價值可提供緩衝,重申「買入」評級,上調2021/22/23年盈測34%、9%及20%,目標價由8.5元升至12.1元。
該行預期公司2021年上半年收入仍錄20%跌幅,主因內地表現持平,而港澳跌64%,因應金價上升,預期正常化毛利率會增5.7個百分點至36.4%,加上租金和員工的補貼,預期核心經營溢利升9.9%。
該行認為,目前的復甦仍處於初期階段,由內地先行,而港澳目前沒有明顯盈利增長,故若有復甦,都會帶動盈利預期的提升。內地方面,新增的代理店都有助盈利增長,目前預期內地擴張帶來的收入貢獻增長為10%。
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