大行評級|花旗:對周大福展開30日下行催化觀察 料短期同店銷售持續下滑
花旗發表報吿,指周大福今年3月底止財年核心經營溢利勝預期,但由於派息遜預期及4至5月銷售差勁(按年跌約20%),料股價受壓,予目標價14.2港元,評級“買入”。
不過,報吿稱對周大福看法並不悲觀,因銷售下跌料屬暫時性,因消費者在金價高企時通常押後購買;固定價格黃金產品銷售強勁,反映需求韌性及利潤率獲提升;金價上升提振利潤率及支持純利;由於利率展望存不確定性,去年派息保守,但股息率仍可觀達5.8%。由於收入減少被利潤率上升所部分抵銷,下調對其今明兩財年純利預測各2%及4%。由於金價強勢,消費者消化需時,料短期同店銷售將持續下滑,展開30日下行催化觀察。
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