《大行報告》花旗對創科(00669.HK)開啟30日下行催化劑觀察 目標價下調至108元
花旗發表研究報告,對創科實業(00669.HK)啟動30日下行催化劑觀察,指出公司中期業績遜於預期,料將為近期股價帶來調整。
考慮到其盈利復甦前景,花旗對創科給予「買入」評級,指出管理層下調Milwaukee品牌未來三年收入增長預測至高單位數至低雙位數,為整體銷售額貢獻佔逾66%,相信今年收入及盈利雙雙下跌後,明年渠道庫存正常化,可能帶動收入及盈利雙雙恢復增長。
花旗又指,自創科將工廠遷往中國以節省勞動力成本以來,一直處於利潤擴張狀態,看好公司在推出新產品和持續贏得市場份額方面的往績,預期營收增長可跑贏行業表現,該行下調集團2023-25年盈測11%至14%,目標價相應由130元降至108元,對應2024年預測市盈率約21倍。
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