《大行報告》花旗下調創科(00669.HK)目標價至125元 評級「買入」
花旗發表研究報告指,根據該行信用卡消費數據,美國家居裝修領域過去四周信用卡支出下跌10.7%,12月首周亦持續下跌,考慮到第四季市場變得更加疲軟,因此將創科實業(00669.HK)2022至2024年盈利預測下調4%至8%,並將目標價由135元降至125元,對應預測2023年市盈率約24倍,以部分反映盈利風險。
該行重申繼續列創科為行業首選,相信今年公司銷售增長將跑贏信用卡數據所示市場表現。根據同業表現及創科經調整的2022年增長指引,花旗估計2022年公司收入增幅將從之前預測的5%,放緩至2%,並預測公司今明兩年毛利率可實現約50個基點的擴張,維持「買入」評級。
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