智通财经APP获悉，摩根士丹利发布研报称，维持对周大福(01929)的“增持”评级，目标价19港元，最牛情景目标价由25港元下调至24港元，最熊看9港元。该行下调周大福2027财年经营利润预测，但预计在更低的金价下对冲亏损会下降，因此上调每股盈利预测4%至1.06港元，2028财年每股盈利预测则下调4%至1.07港元。
大摩表示，金价已由今年2月高位回落，此下跌释放了对于按重量计价黄金珠宝产品的被压抑需求，这类产品亦占公司六成销售，虽然4-5月同店销售增长强于预期，但是由于按重量计价的产品是以现货金价销售，金价走弱可能会转化为较低的毛利率及经营利润率。
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