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大行評級|瑞銀:大幅上調老鋪黃金目標價至520港元 年初至今銷售勢頭強勁
格隆匯 02-19 12:48

瑞銀髮表研報指,老鋪黃金年初至今銷售勢頭強勁,主要來自公司推出多項購物活動,以及國際金價飆升下公司推出更多物超所值的定價黃金產品所致。年內老鋪黃金股價累升95%,瑞銀認爲,以2025年預測市盈率約34倍計算,估值仍屬合理,估計2025至2027年每股盈利年均複合增長率爲28%,對比國際名貴奢侈品同業爲27倍及20%。

瑞銀預期,老鋪黃金過去兩年受惠於每年兩次調價,但目前預測今年餘下時間金價漲幅將放緩,公司銷售增長或因此減慢,將評級從“買入”降至“中性”,仍看好長遠發展,相信通過擴張銷售網絡亦可實現增長,將2024至2026年每股盈利預測上調4%、14%及18%,目標價從350港元一舉升至520港元。

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