大摩:予创科实业(0669.HK)“增持”评级 目标价69港元
大摩发布报告称,创科实业(0669.HK)去年下半年净利润同比增3.3亿美元,轻微低于该行及市场预期6%及4%,主要是由于营运成本上升;期内销售同比增一成,优于该行预期;毛利率上升0.5个百分点至37.8%,符合该行及市场预期。
该行称,市场或对其下半年盈利有一点失望,但该行认为主要是行政开支上升造成,而不是核心业务问题或未能扩大毛利率。集团全年现金派息比率(cash dividend payout ratio)为39.4%,高于2018年的37.6%,符合该行预期。
该行认为,集团的结构性仍然完整,股价如有回调,建议买入,对其目标价为69港元,予“增持”评级。

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