《大行報告》麥格理下調創科(00669.HK)目標價至110元 評級「跑贏大市」
麥格理發表報告,指創科(00669.HK)2022年上半年淨利潤好過該行預期,由於消費者需求下降,將2022和2023年盈利預測分別下調5%和8%,2022-2025年盈利複合年增長減慢至16%。該行將創科目標價由170元下調至110元,評級「跑贏大市」。
創科管理層下調2022年收入預測,預計將有中單位數增長,麥格理認為,意味著公司目標達到清理庫存至年底,認為將使2023年的收入增長回升。
麥格理將創科2022年下半年收入和淨利潤預測分別下調11%和9%,當中考慮到消費者、DIY工具和地板護理領域工具的去庫。麥格理認為創科可以在2023財年恢復9%的收入增長、毛利率擴張,公司估計2022 財年收入增長5%,仍將優於同業Stanley Black和Decker對其工具和戶外業務的收入預測的中至高單位數下降。
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