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野村:下调六福(0590.HK)目标价至20.2港元 评级“中性”
格隆汇 10-18 11:34

野村发表报告,下调六福(00590.HK)2020-21年盈测24%及21%,目标价由25.4港元降至20.2港元,评级维持“中性”

报告指,六福第二季度同店销售年倒退37%,差于第一季度的倒退10%,港澳及中国分店同店销售分别按年倒退39%至25%,较第一季度加快。六福黄金销售远较宝石首饰销售疲弱,港澳及中国分店同店销售分别按年跌46%及28%。

该行相信,基於香港示威情况恶化,六福对香港市场的依赖将持续使其整体销售受压,因此下调现财年香港同店销售预测,由收缩5%降至收缩27%。

该行亦指,六福中国销售亦远较周大福(001929.HK)疲弱,内地授权店同店销售录低双位数跌幅,扭转第一季度低单位数升幅情况。管理层称中国自营店及授权店销售於10月首两周的同店销售见到改善,但该行仍下调现财年中国分店同店销售预测至倒退15%。

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