《大行報告》美銀證券上調創科(00669.HK)目標價至140元 評級「買入」
美銀證券發表的研究報告指,考慮到Home Depot去年同店銷售達兩成,料創科實業(00669.HK)去年下半年業績應較強勁,市場預期美國家居改善趨勢將有所減慢,主要基於傢俱中心的意見及利率上行,而該行則料今年公司將有優秀表現。
該行指出Home Depot佔創科銷售的45-50%,而其2021年同店銷售增長指引持平,主要因為DIY趨勢減慢而疫苗亦廣泛推出,不過歷史上來看創科一向跑贏Home Depot同店銷售增長逾700個基點,反映公司具創新能力及貨架佔有率提升等。
另一方面,創科在新產品線方面亦非常積極,估計今年市佔將進一步提升,其中Ryobi料在戶外市場佔比提升,而Milwaukee則正自其他手提工具及個人保護裝置中獲取份額,過去數年每年亦增長約兩成等。
美銀證券認為現價已反映公司收入將錄雙位數增長及利潤擴張,認為公司今年亦能有表現,隨著時間該行認為創科能將收入增長帶到經營利潤增長,將目標價由135元升至140元,重申「買入」評級。(el/a) ~
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