大行評級|美銀:下調周大福目標價至9.3港元 料銷售繼續受壓
美銀證券發表報吿指,下調周大福2025財年的業績預測8%,反映今年以來同店銷售增長走勢遜預期及寶零售點(POS)關閉數量多於預期,決定下調對其目標價15%,由10.9港元降至9.3港元,料周大福銷售會因金價波動及宏觀環境疲軟而繼續受壓,重申“中性”評級。
美銀證券表示,周大福管理層提出會等待中期業績才會提供一個全面的全年表現指引,而管理層相信對金的需求會因更多如婚禮般的必要需求及客户偏好定價黃金產品而避開金價波幅。管理層亦料首財季的毛利率擴張乃受惠於金價上升及產品組合中引入更多定價黃金產品,公司也會繼續遵守嚴謹的成本管理。
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