Oriental Watch Holdings Ltd - Stock Analyst Research

Target Price*HKD 5.14
Recommendation ACCUMULATE
Market Cap*2.21B
Publication Date9 May 2023

*At the time of publication

東方表行集團 (398.HK) 香港業務優於整體市場、高端奢侈品消費保守成隱憂

東方表行集團(「東方表行」)成立於 1961,為大中華區內具規模的鐘錶零售商之
及澳門共有 13 間店舖,分別為東方表行、瑞士表行、勞力士及帝舵專賣店及百年靈專
門店。從由 2004 年起,公司亦在國內不斷拓展業務,先後開設多間零售店,版圖覆
蓋多個城市;及後,業務更發展至台灣地區。於 2022 年 9 月底,公司於大中華地區
經營 44 個零售點(包括聯營零售店)及分別於中國內地及香港各自經營 1 間網上商

香港業務收益按年增 6%.優於整體市場
1HFY2023(截至 2022 年 9 月底止六個月中期業績),收入收益按年減少 10.0%至
1,674 百萬元(港元.下同),主要由於封城政策及限制使業務遭受干預,導致中國內
地市場之收益減少所致。隨著收益減少,毛利減少 6.9%至 537 百萬元,毛利率則上升
1.1 個百分點至 32.1%,而股東應佔溢利則減少 9.6%至 151 百萬元。每股基本盈利
31.03 仙,按年下跌 9.2%。中期股息每股 7.8 仙(1HFY2022:8.6 仙)及特別股息每
股 23.5 仙(1HFY2022:25.8 仙)。

About the author

Eric Li

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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