野村料香港零售续受压升新秀丽(1910.HK)评级重申买日清(1475.HK)
野村对零售股发表研究报告称,随着香港消费情绪低迷等,预计将影响下半年香港零售表现,因此,该行偏好受影响较少的香港零售股。当中,该行予周大福(1929.HK)“买入”评级,预计其表现将继续优于同行,因其内地业务贡献高,内地同店销售增长将维持强劲势头,以及受惠产品组品改变,黄金价格上升,毛利率将持续改善。
不过,野村此前已将六福集团(0590.HK)及I.T(0999.HK)的评级下调至“中性”,将莎莎国际(0178)的投资下调至“减持”,因该行预期相关零售股在港业务比重较高,将持续受压。
另一方面,野村重申对日清食品(1475.HK)的“买入”评级,目标价升至6.4港元,预期公司将受益于杯面产品加价,以及原材料成本及良好控制营运支出等,今财年的毛利率及营业利益率或可增长1.2个百分点。日清的股价早前受累整体市场环境疲弱,已由高位调整了18%,现时估值吸引,可以累积。
该行还指出,调升新秀丽(1910.HK)的评级至“中性”,但下调目标价至15.3港元。该行指虽然公司早前调升美国市场的产价格,或许会影响北美地区的需求,但公司股价由年初至今累跌了大约35%,相信已完全反映负面因素。新秀丽的股值已到达历史低位,较全球同业有大约54%的折让。
该行还表示,早前将恒安国际(1044.HK)的投资评级下调至“中性”,主要是忧虑其卫生巾业务的传统销售渠道疲软,并预期公司广告及促销支出将维持高水平。相比之下,该行较看好维达国际(3331.HK),评级为“买入”,认为其纸巾业务收入贡献较高,可受惠于木浆价格下跌。
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