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花旗:升創科(0669.HK)目標價至70港元 評級“買入”
格隆匯 12-10 11:21

花旗報告指創科(00669.HK)目標在明年擺脱關税的影響。該行調降公司2019-20年每股盈利1%以反映地板工具收入增長時間遜預期,但調升2021年盈測1%以反映越南工廠效益下的毛利提升潛力,目標價由63港元升至70港元,評級“買入”

該行指,公司自第二季起于越南透過租用設施增加產能,預期至年底可佔整體產量低單位數字,同時越南廠會於2020年底完成擴建,屆時產能會由租賃搬至自有設施,相信至2021年,越南生產佔比可升至20%以上;公司亦正提升美國的產能,以達至佔2021年整體產能的25%-30%,預期未來美國、歐洲(佔5%-10%)、越南(佔20%以上)和墨西哥(佔5%)工廠與及在東盟外判地板護理分部將負責供應美國市場(佔總銷售60%-65%)。

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