《大行报告》美银证券上调创科(00669.HK)目标价至140元 评级「买入」
美银证券发表的研究报告指,考虑到Home Depot去年同店销售达两成,料创科实业(00669.HK)去年下半年业绩应较强劲,市场预期美国家居改善趋势将有所减慢,主要基於家俱中心的意见及利率上行,而该行则料今年公司将有优秀表现。
该行指出Home Depot占创科销售的45-50%,而其2021年同店销售增长指引持平,主要因为DIY趋势减慢而疫苗亦广泛推出,不过历史上来看创科一向跑赢Home Depot同店销售增长逾700个基点,反映公司具创新能力及货架占有率提升等。
另一方面,创科在新产品线方面亦非常积极,估计今年市占将进一步提升,其中Ryobi料在户外市场占比提升,而Milwaukee则正自其他手提工具及个人保护装置中获取份额,过去数年每年亦增长约两成等。
美银证券认为现价已反映公司收入将录双位数增长及利润扩张,认为公司今年亦能有表现,随着时间该行认为创科能将收入增长带到经营利润增长,将目标价由135元升至140元,重申「买入」评级。(el/a) ~
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