华泰金融(HK)：给予周大福(01929.HK)“增持”评级 目标价10.26港元
华泰金融(HK)10月13日发布公告。In 2QFY25, CTF’s qoq decline in same-store sales (SSS) is likely to narrow in Chinese mainland/Hong Kong & Macao markets. However, given the sharp rise in gold prices, CTF's SSS and full-year revenue growth are likely to remain under pressure. We therefore cut our revenue forecasts for the company to HKD90.0/94.6/99.5bn for FY25/FY26/FY27 (previous: HKD103.6/108.8/114.3bn). Meanwhile, given that the rising gold prices, combined with the growing proportion of sales from gold products sold by piece, should bolster the company's gross profit margin (GPM), we estimate its attributable net profit (NP) for FY25/FY26/FY27 at HKD5.69/6.15/6.56bn (previous: HKD5.99/6.40/6.76bn). Considering CTF’s market leadership, we value the stock at 18x FY25E PE, a premium over its peers’average of 13x 2024E PE on Wind consensus estimate, for our target price of HKD10.26 (previous: HKD10.80). Maintain OVERWEIGHT.
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