《大行報告》花旗下調周大福(01929.HK)目標價至18.1元 評級「買入」
花旗發表研究報告指出,周大福(01929.HK)截至今年3月底止財年收入跌4%,核心純利(不包括未實現的黃金貸款損失和外匯損失)跌8%,經調整毛利率升0.3個百分點至23.7%。至於2023財年下半年公司錄得核心純利跌14%,符合該行預期。期內,主要經營溢利率按年增長0.5個百分點至10.6%,經調整毛利率擴張1.6個百分點,而強勁的主要經營溢利率抵銷收入較低及財務成本較高的影響。
該行認為,在疫情下周大福將剩餘自由現金流作為回報而派發特別息,屬正面驚喜,反映公司良好的治理及管理層對業務前景的正面態度。該行亦預期公司2024財年同店銷售目標將有上行空間,儘管2024財年第二季或因基數高而面臨壓力。
此外,該行將周大福2024及2025財年的盈利預測各下調3%及6%,目標價由19.5元下調至18.1元,評級「買入」,認為公司估值吸引。
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