植耀辉: 业务增长强劲 创科(00669.HK)前景仍看好一线
耀才证券研究部总监植耀辉称,近期花多了点时间研究美股,当中有一只股引起笔者兴趣,就是从事五金用品之Stanley Black and Decker(SWK),其股价自年初至今虽然升幅只得13%,但过去一年升幅则差不多近一倍,笔者亦有留意其基本面,现价估值亦尚算合理。不过其业务则令笔者想起本地老牌工业股创科(00669.HK)。
笔者也非第一次在本栏谈创科。虽说是工业股,但创科过人之处在於拥有强大科研能力,亦成为支撑业绩强劲增长之最大要素。创科去年盈利增长达三成,如单计下半年,盈利增速更达到42%。集团电动工具业务占总销售额89%,当中旗下两大品牌─MILWAUKEE及RYOBI已分别成为全球第一专业工具品牌及DIY工具品牌,当中MILWAUKEE系列销售表现理想,M18充电产品平台已开发出213款工具,而M12超小型充电式工具亦可兼容超过125款工具。
新产品的推出亦令绩效持续有改善,去年底止整体毛利率增加52基点至38.25%,为连续12年录得增长,集团目标为毛利率及净利润增长率维持每年提高50个基点,同时集团亦已於越南等地兴建新厂,以满足未来发展所需。虽然估值不算便宜,但基於业务前景依然乐观,长远仍具吸纳价值,可考虑於128元以下买入,中线上望155元,暂以115元作止蚀。
笔者并未持有相关股份~
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