《大行報告》大摩微升創科(00669.HK)目標價至110元 評級「增持」
摩根士丹利發表報告指,即使對創科(00669.HK)專業技術及Milwaukee電動工具需求持正面看法,今年下半年或有逾10%增長,但該行認為消費者板塊方面表現疲軟,尤其在戶外產品方面,將會拖累公司整體電動設備的收入,另外美元走強令列帳收入承壓。
該行預料,公司地板護理業務將於今年下半年進一步下滑,故預料公司整體收入按年跌9%,即使經營去槓桿仍在拖累純利,但有信心公司能夠維持其毛利率擴張軌道,並預料今年下半年純利按年跌27%。
該行表示,將公司明年及2024年盈利預測分別下調6%及5%,惟因主要宏觀挑戰已反映於股價,上調估值基礎,由預測市盈率18.5倍升至20倍,料2022至2024年間盈利年均複合增長達25%,目標價相應由108元上調至110元,並維持其評級為「增持」。
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