《大行報告》麥格理升周大福(01929.HK)目標價至9.4元 評級「跑輸大市」
麥格理發表評級報告指,周大福(01929.HK)截至去年12月止第三財季,內地同店銷售增長轉正達22.7%,低線城市增長超於高線城市,公司預料內地同店銷售增長年均複合增長率達低單位數。
該行指,公司保持內地同店銷售增長的指引為中單位數增長,並預料新店貢獻可抵銷同店銷售增長疲軟。公司目標放慢開店速度及專注提高店舖效率。
該行指,對金飾促銷市場及中國消費情緒疲弱保持謹慎態度,將公司在2024年、2025年及2026年純利預測各上調6.2%、6.5%及6.6%,考慮到新店開幕的貢獻增加。該行將其目標價由8.9元上調至9.4元,維持其評級為「跑輸大市」。(ca/k)
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