《大行報告》瑞銀上調創科(00669.HK)目標價至158元 評級「買入」
瑞銀發表的研究報告指,對創科實業(00669.HK)看法轉向更正面,短期而言相信美國家居改造市場需求強勁,而專業化需求亦會加快,帶動公司盈利有正面驚喜,中期而言則料公司可跑贏同業,而定位亦良好可受惠電動車電池改善造成的溢出效應,考慮到美國潛在有基建刺激等,將公司2020-25年盈利預測升2-8%,2021年預測市盈率為31倍,認為市場未完全反映其強勁增長前景及高科技性質,目標價由130元升至158元,評級「買入」。
該行指出其主要工具中,電池對用戶需求有最大影響,消費者要求更高效能、更長使用時間等,而近期電動車行業在電池方面的改進,有望溢出至其他行業,該行仔細研究後認為電動車電池的改善,有機會令工具電池能量密度提升逾50%,其渠道調查專家亦認為公司可帶領電池技術革新,並助搶佔更多市場份額。
瑞銀估計基於拜登的競選宣傳及美國基建狀況較差等,估計很大機會美國會推大型基建刺激措施,並帶動創科的業務。該行認為近年公司對住宅市場的依賴逐步降低,而非住宅類工程亦有所提升,估計2019年大約四成收入是來自非住宅類工程,加上新的MX FUEL平台亦主打輕型工程工具市場,估計公司定位良好可受惠美國潛在基建潮。(el/k) ~
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