《大行報告》瑞銀下調創科(00669.HK)目標價至175元 評級「買入」
瑞銀髮表報告表示,創科實業(00669.HK)股價從2021年8月高位回調約40%,年初至今下跌了27%,主因是內地封城擾亂了供應鏈,美國重新開放壓抑家居裝修需求;美國加息壓抑房地產市場及股市估值;地緣政治不確定性推升商品價格。瑞銀認爲這些風險可能被過分誇大,意味或呈現買入機會,維持其「買入」評級,目標價由191元下調至175元。
瑞銀估計,創科2021至2024年收入複合年增長率爲16%,毛利率各年間擴大介乎50至56個基點,預計期間創科的盈利複合年增長率將達到21%,意味着現估值相當於預測2022年和2023年市盈率分別20倍和16倍,監於其2017至2019年盈利複合年增長率爲15%、當時估值計市盈率介乎15至20倍,認爲現時估值具吸引力。在過去2015至2018年加息週期中,創科股價累升65%,大幅跑贏同期恆生綜合指數(HSCI)達59%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.