汇丰研究:下调六福(0590.HK)目标价至19.9港元 评级“持有”
汇丰研究发表研究报告,六福(00590.HK)上半财年来自港澳和内地的收入分别跌26%及9%,主因同店销售下跌、内地直营分店关闭及为特许店去库存所致。期内,经营溢利按年跌21%,经营溢利率持平,归因於内地利润显着扩张。集团宣派中期息50仙,按年跌9%,派息比率则由上年同期48.5%升至为59.1%。该行预期全年派息比率为45%,与2019财年相同。
该行指,港澳业务目前占上半财年整体经营溢利39%(上年同期为48%),期内港澳同店销售按年跌25%,若在港同店销售持续恶化,将令港澳地区的经营溢利进一步下行。内地方面,零售、批发及特许经营店分别占经营溢利18%、29%及53%。上半财年相关收入分别跌18%、7%及升12%,相信是与关闭直营店有关。该行预期集团今年全年收入跌21%,港澳地区下半年跌幅扩至30%。
该行下调公司2020-22年每股盈测22.8%、18.7%及14.5%,目标价由23.4港元降至19.9港元,维持“持有”评级。

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