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植耀輝:美股輕微反彈 創科績差續觀望
阿思達克 08-11 10:07
耀才證券研究部總監植耀輝稱,雖然美國CPI年增3.2%低於預期,不過有聯儲局官員認為數據並不代表對付通脹已取得勝利,利淡大市表現,不過三大指數最終仍能錄得升幅,當中道指上升52點或0.15%,標普500指數及納指則微升。 踏入8月份又到業績期。如果時間許過,筆者通常會在公司公布業績當日簡單看一看其表現,成份股/績優股當然會花多一點時間研究,績差股亦會拆解其「死因」,所以未來一段時間應該又會相當忙矣!不過此做法除了可加深對每隻股份印象之餘,也有助作為日後推介股份之參考,當然,若持有之股份業績「走樣」,亦會考慮是否須沽出換馬或減磅。所以未來一段時間,筆者將會與大家分享一些值得留意或討論之股份。 談談創科(00669.HK)。該股在業績公布後一度大跌超過兩成,或多或少反映投資者對業績感到相當失望。創科截至今年六月底止上半年收入按年下跌2.2%,集團解釋是受累於部分客戶去庫存之影響,當中北美業務按當地貨幣計收入下跌近4%。參考個別大行提供之數據,創科電動工具同業之日本牧田(Makita)及美國SWK最新季度收入亦分別按年下跌6%及5%,反映行業普通存在去庫存問題。至於股東應佔溢利倒退17.7%,亦較市場預期為差。 當然業績亦不乏亮點,毛利率受利潤較高之MILWAUKEE業務以及高利潤之售後電池業務帶動而按年上升22個基點,另外自由現金亦由負轉正。只是未來關鍵還是需求是否能逐步恢復,創科管理層對下半年業務表現看法較為保守。幸好集團財務狀況仍佳,加上行業競爭優勢,昨日股價大跌亦可能與近期表現大幅跑羸恆指有關。筆者暫會抱觀望並繼續持有,若行業未來一季未見改善始考慮減磅。 筆者持有創科股份~
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