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大行評級|美銀:下調周大福目標價至10.9港元 反映更審慎的派息和盈利下行風險
格隆匯 06-14 11:13

美銀證券發表研究報吿指,周大福2024財年核心經營溢利達到122億港元,按年增長29%,較該行預測高出8%,收入按年增長15%,亦較預期超出2%,主要由於期內中國批發業務收入高於預期。期內金價上升及集團優化定價策略,為整體利潤率帶來正面影響,不過很大程度上被較高的黃金銷售佔比所抵銷,同時由於金價上升,期末周大福亦錄得約25億港元的黃金貸款未變現虧損。美銀指出,集團全年度派息每股0.55港元,派息比率為85%,沒有宣佈派發特別股息,令人失望。

因應最新業績表現,該行將周大福2025財年核心盈利預測上調4%至84億港元,不過就將目標價由12.1港元降至10.9港元,以反映更審慎的派息和盈利下行風險,認為管理層要實現2025財年業績增長指引並不容易,重申“中性”評級。

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