《大行報告》匯豐研究上調創科(00669.HK)目標價至112元 評級「買入」
匯豐研究發表報告指,創科(00669.HK)過去三個交易日股價累升約10%,該行相信主要受惠電動工具同業日本牧田(Makita)及美國SWK(SWK.US)6月底止季度顯示需求或已見底,即使尚未復甦;以及美國經濟軟著陸的憧憬升溫。
報告稱,日本牧田(Makita)6月底止首財季收入按年跌6%,但按季持平,而SWK(SWK.US)次季工具及庫存收入按年跌5%、按季則升7%,持續改善意味著最壞時間已過,但該行料DIY工具去庫存將最少維持至今年底。
匯豐研究認為,創科將較同業提結束去庫存,主因其無線電動工具敞口較大。該行料,創科上半年毛利率擴大0.5個百分點至39.6%、營運利潤率擴大0.1個百分點至9.1%,並將估值基礎推展至2024年,以預測滾動市盈率20倍為基礎,目標價由94元上調至112元,維持其評級為「買入」。
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