一文綜合大行於創科(00669.HK)公布業績後最新評級、目標價及觀點
創科實業(00669.HK)今早股價抽上,盤中曾高見97.35元一度彈高11.9%,最新報95.45元升9.7%。瑞銀發表報告表示,創科中期業績強勁,就管理層將2022財年銷售增長指引從之前增10%的下調至中個位,相信是美國客戶在經濟重新開放後在家中花費的時間減少,但認為創科未來營運仍可優於同行(旗下Milwaukee上半年銷售升25.8%),重申對其「買入」評級。
創科公布今年中期業績,營業額70.34億美元按年增加10%。錄得純利5.78億美元,增長10.4%,每股盈利31.59美仙。派每股中期息95港仙,上年同期派85港仙。毛利27.47億美元,上升11.4%;毛利率由38.6%升至39.1%,是連續第十四個上半年度錄得增長。
花旗發表報告指,創科2022年上半年業績符合預期,但由於消費者板塊零售庫存過多,管理層將2022年收入增長預測由高單位數下調至中單位數,認為過多的庫存問題可能僅持續一段時間。該行對創科續視為內地工業股首選,惟將其2022至2024年每股盈測調低3%至5%,對其目標價由145元下調至135元,相當於預測明年市盈率24倍,維持「買入」評級。
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下表列出8間券商對其評級及目標價:
券商│投資評級│目標價(港元)
瑞銀│買入│160元
大和│買入│165元->135元
花旗│買入│145元->135元
摩根士丹利│增持│45元->127元
摩根大通│增持│127元
富瑞│買入│117.89元->113.91元
高盛│買入│113.5元
匯豐環球研究│買入│108元->101元
券商|觀點
瑞銀│上半年毛利率再擴大至39.1%,惟將2022財年銷售增長指引從之前增10%的下調至中個位數
大和│市場份額續提升,惟因去庫存壓力導致消費業務疲軟而下調目標價
花旗│庫存過多問題可能持續一段時間,預計2023年銷售增長速度將恢復到正常高個位數
摩根士丹利│宏觀經濟持續不明朗,但料可優於同業
摩根大通│公司領先同業,惟憂慮美國經濟前景料零售業務進一步下滑
富瑞│預期消費增長放緩,將並2022財年轉速增長引導調至中個位數
高盛│次季盈利增長改善,管理層將引導2022年收入增長降至中個位數
匯豐環球研究│公司佔據較高市場份額,惟預期地板護理需求疲軟
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