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《大行報告》匯豐研究上調創科(00669.HK)目標價至117元 評級「買入」
匯豐環球研究發表報告指,創科實業(00669.HK)的股價在過去4個交易日內上升約23%,回到8月份發布中期業績之前的水平,認為市場情緒改善主要由於美國10月份通脹數據低於預期,市場認為加息步伐將放緩,有利於當地家裝需求;以及中國當局出台一系列樓市支持政策,帶動資金流入港股市場。 該行指,美大型的家庭裝飾品與建材的零售商家得寶第三季銷售額超出預期,第四季增長指引及專業設備預期錄得強勁銷售,均是創科股價表現的推動力。但匯豐研究亦指,家得寶業績顯示出「DIY」領域困境仍然存在,相信是通脹對需求造成負面影響,認為創科實業的DIY電動工具需求將繼續受到去庫存壓力影響,最快要到今年底才結束,因此預測Ryobi品牌收入今年下半年將按年跌約13%,部分抵銷Milwaukee的增幅。 匯豐環球研究維持創科「買入」評級,並將目標價從101元上調至117元,認為公司處於行業有利位置,將受惠於工具無線化及市場份額增長趨勢。
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