《大行報告》大摩升創科(00669.HK)目標價至108元 去年下半年業績勝預期
摩根士丹利發表報告指,創科(00669.HK)去年下半年業績好過市場預期,收入增長改善支持業績表現,基本因素已見底,前景正面,將其目標價由95元上調至108元,評級「增持」。
公司預期今年收入有中單位數增長,當中Milwaukee業務有低雙位數增長,而消費者業務類別增長較為平穩。大摩的供應鏈調查顯示,創科於供應商的訂單自去年第三季有正面增長,反映一些補庫存需求。
創科又指,今年推廣活動減少、產品組合改善,毛利率將會回復擴張軌道。該行估計公司今年的經營利潤率,由去年的8.1%擴張至8.6%,並預期今年盈利增長16%,明年則增長23%。由於創科生產多元化,在關稅風險方面,定位較同業為佳。
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