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
一。公司代理近百個世界鐘錶品牌,當中以勞力士、帝舵、伯爵、江詩丹頓、萬國
錶、積家、芝柏、浪琴錶及歐米茄等享譽世界的瑞士優質名錶品牌為主。現時在香港
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
店。

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)。

Oriental Watch Holdings Limited (398.HK) HK operation outperformed the market, Conservative spending on high-end luxury goods become a concern

Oriental Watch Holdings Limited (Oriental Watch) that founded in 1961, has developed an
extensive retail shop network in the Greater China area, and has become one of the largest
watch retailers. Company carries around a hundred prestigious brands, in particular, famous
Swiss brands such as Rolex, Tudor, Piaget, Vacheron Constantin, IWC, Jaeger-LeCoultre,
Girard Perregaux, Longines, Omega, etc. Company operates a total of 12 shops in HK SAR
and Macau SAR, including Oriental Watch Company, La Suisse Watch Company, Rolex and
Tudor Boutique and Breitling Boutique. In 2004, company expanded its watch retail business
to Mainland China. Since then, company has opened a number of outlets and boutiques
covering various cities in Mainland, China. Subsequently, company has further expanded its
businesses to Taiwan region. As at 30 September 2022, company operates 44 retail points
(including associate retail stores) in the Greater China region, and 1 online store in each of
the Mainland China and HK respectively.
HK operation outperformed the market with revenue increased by 6.1%
In 1HFY2023 (for the six months ended 30 September 2022), company`s revenue decreased
by 10.0% yoy to HK$1,674 million, which was mainly attributable to the decrease in revenue
in the Mainland China market as a result of business interruptions due to such lockdown
policy and restrictions. In line with the decrease in revenue, gross profit decreased by 6.9%
to HK$537 million, with gross profit margin increased by 1.1 percentage points to 32.1%, and
profit attributable to owners of the company decreased by 9.6% to HK$151 million. Basic
EPS were 31.03 HK cents, down 9.2% yoy. Interim dividend of 7.8 HK cents per share
(1HFY2022: 8.6 HK cents per share) and a special dividend of 23.5 HK cents per share
(1HFY2022: 25.8 HK cents per share)

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