《大行報告》匯豐研究升創科(00669.HK)目標價至101元 最壞已過但DIY反彈料需時
匯豐研究發表報告指,創科實業(00669.HK)的最壞時間已過,並踏入正常增長時期,惟並不預料今年DIY工具業務出現即時反彈,相反認為今年DIY業務收入或會持平。即使去年去庫存大部分已完成,但在超級周期(2020至2021年)過後,DIY需求仍需時復甦。另一方面,該行預料專業工具品牌Milwaukee需求仍然保持強勁,料今年錄得按年升12%,並預料今年集團總收入按年升7.5%。
該行預料,集團今年經營利潤率按年擴張0.4個百分點至8.6%,並料今年全年每股盈利按年升17%。該行又指,將今年及明年息稅前利潤率預測分別下調0.3個百分點和0.1個百分點,因攤銷費用較高或會抑制利潤率。整體而言,該行將今年及明年每股盈測分別下調2.8%及0.4%。
該行將創科目標價由86元上調至101元,維持「買入」評級。
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