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《大行報告》美銀證券降周大福(01929.HK)評級至「跑輸大市」 目標價下調至13.2元
阿思達克 03-08 09:42
美銀證券發表報告指,周大福(01929.HK)執行董事兼董事總經理(中國內地)陳世昌將會退任,其職責由執行董事兼董事總經理(企業及港澳與海外事務)黃紹基接任。該行表示,在過去十年來,陳世昌是推動公司內地業務快速增長的關鍵人物,並相信在交接過程中仍存有不確定性。與此同時,由於集團或會重新調整在內地的戰略,以提高門店的盈利能力,該行認為內地業務在執行上的不確定性或會增加。 該行指,即使集團是邊境重開的受惠者,但對盈利影響或有限,主因2022財年香港/澳門市場在收入及核心經營利潤貢獻佔比分別僅17%及4%。 該行表示,將其目標價由17.6元下調至13.2元,並將其評級由「中性」降至「跑輸大市」;又認為周大福仍是內地黃金及珠寶行業的市場領導者,但仍有待內地轉好趨勢有較佳可見度,看法才會轉至更為正面。
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