植耀輝: 業務增長強勁 創科(00669.HK)前景仍看好一線
耀才證券研究部總監植耀輝稱,近期花多了點時間研究美股,當中有一隻股引起筆者興趣,就是從事五金用品之Stanley Black and Decker(SWK),其股價自年初至今雖然升幅只得13%,但過去一年升幅則差不多近一倍,筆者亦有留意其基本面,現價估值亦尚算合理。不過其業務則令筆者想起本地老牌工業股創科(00669.HK)。
筆者也非第一次在本欄談創科。雖說是工業股,但創科過人之處在於擁有強大科研能力,亦成為支撐業績強勁增長之最大要素。創科去年盈利增長達三成,如單計下半年,盈利增速更達到42%。集團電動工具業務佔總銷售額89%,當中旗下兩大品牌─MILWAUKEE及RYOBI已分別成為全球第一專業工具品牌及DIY工具品牌,當中MILWAUKEE系列銷售表現理想,M18充電產品平台已開發出213款工具,而M12超小型充電式工具亦可兼容超過125款工具。
新產品的推出亦令績效持續有改善,去年底止整體毛利率增加52基點至38.25%,為連續12年錄得增長,集團目標為毛利率及淨利潤增長率維持每年提高50個基點,同時集團亦已於越南等地興建新廠,以滿足未來發展所需。雖然估值不算便宜,但基於業務前景依然樂觀,長遠仍具吸納價值,可考慮於128元以下買入,中線上望155元,暫以115元作止蝕。
筆者並未持有相關股份~
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