《大行報告》麥格理下調創科(00669.HK)目標價至98元 評級「跑贏大市」
麥格理發表報告,指創科(00669.HK)去年收入及EBIT超該行預期,但融資成本上導致淨利潤僅符合預期,旗下品牌Milwaukee繼續推動毛利率擴張,預期今年下半年公司業務將繼續復甦,而Milwaukee今年全年收入按年增幅將達到15%。
該行指出,Milwaukee貢獻去年下半年約64%的收入,佔比按年提升超過10個百分點,推動毛利率上升,並預期未來仍有提升空間。但該行又指,創科預期今年上半年消費及DIY市場將表現疲軟,因此預測全年Milwaukee以外業務收入將按年下跌約10%。
管理層目標今年收入增長為中單位數百分比,考慮到開支增加及收入預期下降,麥格理將今明兩年每股盈利預測分別下調2%及5%,目標價從101元降至98元,評級仍為「跑贏大市」。
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