老铺黄金急吐7%，大行认为股东回报计划超预期
老铺黄金(06181.HK) 继上日(20日)急升8.8%后，今早(21日)高开2.6%，初段高见819元，随后倒跌。午后最新报725.5元，跌7.23%，成交292.33万股，涉资21.92亿元。
集团上日中午公布6月底止中期业绩，集团上半年纯利按年升约285.8%，宣派中期息9.59元人民币，并宣布建议每年派息两次，派息率50%。
野村称，老铺黄金加强股东回报的努力是一个“积极信号”。该行认为，尤其是在公司上半年经营性现金流因补充库存而录得净流出的情况下，如此慷慨的派息表明了其财务状况稳健。瑞银亦指，老铺中期股息带来超出预期的惊喜。
花旗表示，老铺黄金上半年销售强劲，致使经营杠杆优于预期，抵销了毛利率逊预期的影响。花旗称，考虑到新店和初始库存的预期投资回本期为两年，老铺自由现金流可能要到2026年才会出现好转。其超预期的股东回报计划，被市场解读为管理层对未来现金流和盈利能力的强烈信心。花旗重申其对该股“买入”评级，目标价维持1,084港元。
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