《大行报告》大摩首予周大福(01929.HK)「增持」评级 目标价17元
摩根士丹利发表研究报告,首予周大福(01929.HK)「增持」评级,目标价17元,相当於未来12个月预测市盈率23倍,建基於内地珠宝市场结构增长展望;公司正透过轻资产模式及可负担产品,调节其内地市场策略,提振增长;香港及内地未来复关料支持2022至2023财年收入增长。
报告表示,周大福潜在短期催化剂,包括将於下周二(8日)公布2021财年业绩胜预期;在港府消费券计划下本地奢侈消费增长;以及香港与内地复关。大摩料周大福2021财年收入按年升15%,2021财年下半年收入料按年大升49%,主因内地疫情放缓後消费复苏;另在低基数及缺乏旅客下,港澳市场收入料温和按年下滑2%。
大摩料周大福2021财年纯利按年升89%,受惠经营杠杆及更高政府补贴。2021财年下半年纯利按年料升138%。该行料周大福2020至2023财年收入年均复合增长17%,同期纯利年均复合增长料41%。大摩料周大福净利润率续扩张,由2021至2023财年料扩至介乎8.4%至9%,高於2018至2019财年的6.9%(撇除2020财年因疫情干扰)。主因经营杠杆,较低租金及员工成本结构的内地业务敞口较大,以及疫情下成本控制支持中期盈利能力。
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