大摩:首予創科(0669.HK)“增持”評級 目標價69港元
摩根士丹利發表的研究報告指,創科實業(0669.HK)
是國際領先的工具供應商,去年市佔率達16%,認為其領導地位及執行能力是有賴公司在研發方面的努力,以及聚焦於無線產品方面的優勢,相信受惠市場對無線產品需求提升,其多品牌策略可進一步帶動市場份額增加,並可帶動公司盈利及自由現金流穩定增長,從而提升派息比率。
該行指出,公司的工具業務與美國非住宅開支有較緊密的聯繫,相信部分是因為公司拓展業務至非住宅範圍,例如是工業及基建等,另外公司無線產品滲透率亦見提升,此外公司在歐洲等地亦見增長,帶動其設備銷售於2019-21年的年複合增長達13%,而期內同業增長僅5%。
另外,該行對其毛利率擴張表現較市場有信心,並預期2019-20年其毛利率可每年擴張50個基點,主要基於Milwaukee工具銷售提升,以及在專業範圍方面的接觸面增加,另外鋰電池價格向下亦有助降低公司成本等,相關因素配合公司優於市場的收入增長,相信可帶動其股本回報率高於行業平均,目標價69港元,相當於2020年市盈率預測21.5倍,首予“
增持
”評級。
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