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大行評級|大和:上調創科實業目標價至145港元 重申“買入”評級
格隆匯 03-06 12:49
大和發表報告指,創科實業管理層對Milwaukee和Ryobi品牌今明兩年增長動力、小型品牌盈利能力改善以迅速的生產佈局以紓緩美國關稅風險充滿信心。該行指,公司2017至2024年EBIT率穩定在8.6%至9.1%,相信今年至2027年EBIT率可擴大,因其釋放銷售及行政槓桿潛力。該行又指,公司今年至2027年自由現金流料每年逾10億美元,管理層計劃提高派息率、執行股份回購及尋找潛在併購機會。報告亦引述管理層稱,所有美國市場採購將於今年遷離中國,預期美國對中國20%額外關稅及對墨西哥25%額外關稅影響極微。基於盈利增長加快及現金流顯著改善,該行重申對該股“買入”評級,目標價由127港元上調至145港元。該行亦上調對公司今明兩年盈利預測0.2%至1.3%。
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