大行評級 | 摩通:創科去年自由現金流勝預期,維持“增持”評級
格隆匯3月2日丨摩通發研報指,創科實業(0669.HK)去年業績好壞參半,盈利和收入表現均遜市場預測,但自由現金流回復正數則勝預期,反映集團近期營業資金正常化。該行維持“增持”評級,目標價130港元。報吿提到,創科管理層訂下今年收入5%增長目標,認為這相對保守,然而集團對MILWAUKEE業務的持續增長和實現收入增長目標感信心。創科日前亦對沽空機構的指控逐點作出迴應,摩通預期,市場焦點將重新落在公司增長機遇及以行業優勢上。報吿又指,創科毛利率連續第14年增長,與國際上其他競爭對手相比,創科利潤率壓力更為顯著,然而去年的毛利率並未受到美國╱歐洲消費者信心疲軟、宏觀不確定性和供應鏈中斷的影響。該股現報82.9港元,總市值1521億港元。

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