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大行評級|大和:下調周大福目標價至7港元 評級連降三級至“跑輸大市”
格隆匯 07-24 10:41

大和發表報吿指,周大福截至6月底止首財季零售值按年跌20%,評級由“買入”連降三級至“跑輸大市”,目標價削半,由14港元降至7港元。該行指,原先認為周大福的銷售壓力大多會被產品組合改變和成本削減所帶來的營業利潤擴張所抵銷,因此直到公佈首財季銷售表現後才下調評級。

大和指,雖然周大福管理層表示毛利率及營業利潤率較去年同期改善,但該行認為由於經營去槓桿化加劇,收入壓力的增加將令周大福在今年餘下時間難以維持利潤率。同時認為現時市場對其預測有被持續下調的風險。大和將周大福2025至2026財年每股盈利預測下調30%至32%,以考慮更審慎的同店銷售預期及營運去槓桿的影響。

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